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With the auto-enrolment regime coming ever closer, clients may increasingly approach you for help and advice on meeting their responsibilities.
Every employer with at least 1 member of staff must automatically enrol those who are eligible into a workplace pension scheme and contribute towards it. The government’s objective is for more people to have another income on top of their State Pension when they retire.
Every employer must automatically enrol workers into a workplace pension scheme if they:
Non-eligible jobholders do not have to be automatically enrolled but they can opt-in to the scheme and you will need to contribute to their plan.
Each employer is allocated a staging date from when they are required to comply with the new pension regulations, with dates being based on the number of employees in the employer’s PAYE scheme as at 1 April 2012. Staging dates are as follows:
New employers commencing after 1 April 2012: between 1 May 2017 and 1 February 2018
At TaxCare Accountancy we will be able to assist you in the following:
There are a number of different types of pension schemes available and different types of providers offering these schemes. The type of scheme most likely to be available to employers is a scheme run by a large, specialist provider that is designed to be used by many different employers. For Example: Aviva, Nest, Peoples Pensions, Standard Life Etc.
NEST is a contribution scheme. This means that the contributions paid in by you, your employer and anyone else are invested and build up your own pension pot. You use this pot to provide yourself with an income in retirement.
The main features of NEST are:
The legal minimum for job holders is currently 2% of their qualifying earnings. Of this, you need to pay at least 1%. The remainder comes from your workers’ pay. You can contribute more if you want to.