For immediate release: 4 July 2016
What’s it really like running a small business? To find out NOW: Pensions built the Business Owners’ Confessional Booth at the Excel London Business Show to quiz entrepreneurs and small business owners about their highs, lows and biggest mistakes.
Research* recently conducted by NOW: Pensions revealed although escaping the life of an employee may seem tempting, one in five business owners find it lonely and half (52%) fear the lack of a secure income.
However, despite the ups and downs, 89% believe they made the right decision going it alone and 80% are happier running their own firm than working for somebody else.
Neil Adams, Director of Bordh tables – a small business that make tables out of surfboards says: “Running your own business means that you are the master of your own destiny. It’s great making all the decisions and taking the responsibility for the outcomes, good and bad! But running your own business means doing absolutely everything yourself, including the bits that you don’t like. For me, being a practical person, this is the admin side of things but luckily I have a good accountant to help out!”
Morten Nilsson, CEO of workplace pensions provider NOW: Pensions, says: “The desire for greater flexibility, combined with the confidence needed to go it alone can be a powerful combination which perhaps explains why the majority of small business owners believe they made the right decision to set up their own business.
“But, being a business owner comes with responsibilities that can’t be avoided and entrepreneurs need to keep on top of new legislation and regulation to avoid unwanted fines and unnecessary stress.”
For further information:
Amy Mankelow / Cheriton Lee
Tel: 0203 640 9075 / 0203 826 1464
Tel: 0207 566 9760
Notes to editors
*Online survey with 350 owners of small businesses in the UK between 14th and 18th March 2016 by Opinium.
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is an independent, multi-employer trust serving thousands of employers and hundreds of thousands of employees from a wide range of sectors.
A subsidiary of one of Europe’s largest pension funds, Danish pension scheme ATP, NOW: Pensions offers a simple and cost effective workplace pension solution direct to employers and via advisers and the payroll sector.
In April 2013, NOW: Pensions became the first master trust to attain the NAPF’s new PQM Ready Standard. The benchmark shows employers that NOW: Pensions is a well governed pension scheme with low charges and good member communications.
In January 2015, NOW: Pensions achieved independent assurance of scheme quality in accordance with the new master trust assurance framework (AAF02/07) introduced by The Pensions Regulator (TPR) in conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW).
The NOW: Pension Trustee Directors, whose role is to safeguard the interests of members, comprises well-known industry figures with different areas of expertise:
- Jocelyn Blackwell, founding partner Dunnett Shaw
- Christopher Daykin, former Government Actuary
- John Monks, member of House of Lords and former General Secretary of ETUC and TUC
- Win Robbins, former Head of European Fixed Income at Barclays Global Investors
- Nigel Waterson, former Shadow Pensions Minister
Employee charges are just £1.50 per month administration charge (reduced administration charge of £0.30 – £1.00 to be applied during auto enrolment phasing for lower earners) plus a 0.3% annual product investment management charge, with no hidden charges.