A firm advising SMEs (Small to Medium Enterprises) on new pension laws has been set up at Parc Nantgarw, near Caerphilly.
Workplace Pensions Solutions (UK) has been established by Robbie Weston, of Tudor House Financial Services, Cardiff, and Jon Francis, of Self Invested Portfolios Ltd, Swansea, to target SMEs not covered by the major pensions consulting firms.
The new business, which has had £125,000 support from the Welsh Economic Growth Fund, is based at Parc Nantgarw, near Caerphilly, and also at offices on the Enterprise Park in Swansea, and is set to create nine new jobs during 2012 alone.
Under the new laws, all employers have to provide a company pension scheme for their employees from October 2012, regardless of the size of the organisation.
Jon Francis said the new business is geared to help and advise SMEs deal with what are quite complex issues and will meet a real need.
“According to the Chartered Institute of Personnel and Development the vast majority of SMEs have not considered the implications of this legislation and this is the area we will be focussing on.
“The benefits of a staged introduction are considerable for small and medium sized businesses – as opposed to waiting until absolutely necessary and there is a large market for practices focussing on this aspect of financial advice.
“There is a large market for practices focussing on this aspect of financial advice and support from the Economic Growth Fund enabled us to go ahead with this joint venture. It means we are able to take advantage of this opportunity which would have been difficult to have achieved so swiftly without this funding.”
Business Minister Edwina Hart said:” The Welsh Government set up the Economic Growth Fund to support business growth during challenging economic conditions and I am pleased to see it has helped this new business venture get off the ground.
“Workplace Pensions Solutions is a welcome new addition to the Financial and Professional Services sector, one of our key economic sectors with high growth potential.”