Workplace Pension
It's critical that you get auto-enrolment right the first time so you can avoid fines and save money, a pension expert will offer an end-to-end solution for all types of business.
When you start your own business, there are so many things to remember, but one of the most important ones is that as soon as you start employing staff, even if it is just one person, you must place them into a workplace pension if they fit the criteria.
Automatic enrolment came into being under the Pensions Act 2008, whereby all employers in the UK must place certain staff into a workplace pension scheme and contribute to it.
The Pensions Regulator (TPR) has to ensure all employers comply with the law so regardless of what type of business you operate, you must comply with the Pensions Act 2008 from the first day you become an employer.
The whole process can be complicated and time-consuming so it is advantageous to seek advice from an experienced professional specialising in this area.
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Here are the key stages for employers to follow:
- Select a pension scheme that is set up for automatic enrolment
- Work out who to enter into the workplace pension scheme
- Submit the relevant details to the pension scheme provider
- Calculate how much you and your staff need to contribute to the schemes. The minimum contribution is 3% of salary from the employer and 5% from the employee
- Within six weeks of completing this you need to notify your staff in writing that you have enrolled them and explain what it means for them
- Within five months of your duties start date, you are legally obliged to declare your compliance to TPR
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