The Farmers Mart Oct/Nov 2015 - Issue 42 | Page 12

Farm News

Farmers not immune from auto enrolment
»» Chartered Accountant Patricia
Arnold has warned farmers they are not
immune from the Government’s pension
plans.
“Farmers need to ensure that they are
taking heed of new pension regulations,
which require employers to provide
pensions for all workers,” says Patricia who
works with farmers across Northumberland,
Durham and Cumbria.
The Hexham-based accountancy firm,
Patricia J Arnold & Co Ltd, who this year
celebrates 30 years in business, recommends
that farmers act now in order to prevent
confusion when changes are implemented.
In the case of farmers and farm
businesses, many workers may be
relatives, which can often lead to a more
relaxed approach to paperwork. However,
this is not something which is going to
disappear, it is the law and therefore like all
other businesses farmers must implement
pension plans before 2017 and ensure that
any current pension funds are compliant
with the new guidelines.

‘Pension funding
is now essentially
inheritance tax-free’

Chartered Accountant Patricia says:
“While many farmers see the new pensions
as time-consuming and unwelcome, it is
important to remember that pension funding
is now essentially Inheritance Tax-free.”
It is also important to note that the eligibility
for Auto Enrolment has changed, therefore
employers should check how many of
their employees qualify. The obligations of
employers vary according to the status of
workers, so make sure you check the details.
In order to ensure a smooth transition, the
Government recommends