Dental Tribune United Kingdom Edition

10 Money Matters United Kingdom Edition January 21-27, 2013 When the going gets tough… Just watch the ElevanceTM from Midmark flex its muscles and you’ll understand how and why it outperforms every other dental chair on the market. Its strength is phenomenal. You can put a 32 stone (203 kilos) patient on it and it won’t complain. But not only is it strong it also provides the kind of exceptional comfort that will put patients (of all shapes and sizes) immediately at their ease. The ElevanceTM is typical Midmark. It is designed to meet the most exacting standards and manufactured without compromise. And like every other product from Midmark it is clearly aimed at dentists who want to offer their patients an exceptional dental experience. www.midmarkcomfortablyahead.com The only way you will be able to appreciate the strength and comfort of Midmark’s ElevanceTM chair is to try it for yourself. Contact Paterson Dental to arrange a demonstration for you info@patersondental.co.uk Tel: 01594 833007 Exceptional dentistry and those who are determined to deliver it are what have always driven us at Midmark. It is that determination that will set you apart and help you make your mark in an increasingly competitive environment. page 9DTß find that they will need to enrol between June 2015 and April 2017 as they fit in the bracket of ‘small employers’ as they gen- erally have under 49 employ- ees. The only exception to this rule will be any companies who have received a staging date of before June 2013. The majority of people will be enrolled in to what is known as a ‘defined contribu- tion scheme’. With this type of pension, both employee and employer make contributions which are then invested. The amount that is received upon retirement rests on how much has been paid in and how the investment has performed. The employer will need to contrib- ute to the pension on anything over £5,564 a year to £42,475. With anything above the maxi- mum, it is up to the employer to decide how much they contrib- ute. A contribution to the pen- sion will also be made from the government in the form of tax relief. The minimum contribu- tion to be made will begin with a total of two per cent of the em- ployees gross annual earnings, with 0.8 per cent contributed by the employee, one per cent by the employer and 0.2 per cent as tax relief. By October 2018, this minimum will have in- creased to eight per cent, with the employee now contribut- ing four per cent, the employer three per cent and one per cent in tax relief. There are, however, other types of pension schemes such as defined benefit or hybrid pensions schemes that some may be enrolled in to. With these kinds of schemes the amount that is paid out upon retirement can depend on a few things, such as earning and the number of years that the pen- sion has been contributed to. With these kinds of schemes employers will not need to en- rol their employees until the end of September 2017. Despite the fact that all em- ployees will at some stage need to be enrolled, they do have the choice to opt out, as workplace pensions are not compulsory. The government hopes that of- fering tax relief will sway more to contribute towards a pension. But despite this, it is estimated that millions will choose not to contribute. Opting out of a pen- sion scheme after longer than a month will not release the funds already saved, these will remain in the pension scheme until retirement. Employers are prohibited from encourag- ing their staff to opt out by of- fering incentives like a higher salary or job offer. Employers who refuse to enrol their work- ers will receive a fixed penalty of £400 and those who continue to disregard the new legislation will amount daily fines ranging from £50 a day for companies with fewer than five staff to £10,000 a day for larger compa- nies with more than 500 staff. As when any new legisla- tion is brought in, there is a lot to understand. Auto enrolment will have an impact on every dental practice in the country and it is clear to see that non- compliance can have a dev- astating effect. To avoid these penalties it is a good idea to have access to great financial guidance. DT For more information please call 0845 345 5060, email info@ money4dentists.com or visit www.money4dentists.com About the author Richard T Lish- man of money- 4dentists, which are a specialist firm of Independ- ent Financial Ad- visers who help dentists across the UK manage their money and achieve their financial and lifestyle goals. For more information please call 0845 345 5060 or email info@money4dentists. com www.money4dentists.com Millions have no provision for retirement