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:
• are aged between 22 and State Pension age
• earn more than £10,000 a year
• work in the UK
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:
• More than 50 employees – by 1 April 2015
• Fewer than 50 employees – between 1 June 2015 and 1 April 2017
New employers commencing after 1 April 2012: between 1 May 2017 and 1 February 2018
Choosing Pension Providers:
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 Pension Scheme:
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:
• defined contribution scheme, so you build up your own pension pot
• flexible contributions
• low charges
• you put in £50
• your employer puts in £40
• you get £10 tax relief
A total of £100 goes into your pension each payday.
A director of a company is not classed as a worker, unless
• The individual works for the company under a contract of employment
• and there is at least one other person working for the company under a contract of employment
• A director who is not working under an employment contract is never classed as a worker
• The exemptions can apply to more than one director working for the same company.
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