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.
103 Cranbrook Road, Ilford, Essex, IG1 4PU
T: 02084783383 E: firstname.lastname@example.org
Find Us On:
103 Cranbrook Road,
Very quick and efficient. Good value for money, would highly recommend.Read More
I selected Taxcare Accountancy as my accountants after being recommended by my business bank manager. Their rates are competitive and well wo Read More
We chose Taxcare Accountancy as they were instantly helpful. They were offering fantastic advice before we had even agreed to use them. They’ Read More
Taxcare Accountancy was incredibly helpful when I needed help on my taxes. Even though I was in Italy, the distance was not a problem. It was very Read More
Mr Roy and his staff provided me with a user friendly, efficient but cost effective service while successfully resolving issues arising from my tax Read More
We have engaged with Taxcare Accountancy as Accountants and Tax Advisers a while back being recommended by fellow care home owners. In the time the Read More
We met Taxcare first in a local tax seminar; we have been relying on their services since then. We have find them to be completely professional in Read More
The accountants here were very helpful and knowledgeable. I had a last minute account submission and Tax Care Accountants put in overtime to comple Read More
I find the Taxcare team to be both proactive and highly experienced in tax planning. I was initially worried about my tax deadline, but am much mor Read More
Having been with other accountants in business I am in a position to compare services. I am fortunate that I am a client of Taxcare Accountancy. An Read More
Taxcare Accountancy Ltd is a pleasure to work with. They are an efficient team of polite and helpful people. From the very start they have taken a Read More
I have found Taxcare Accountancy, to be extremely efficient & very useful in dealing with my business. Staffs are always courteous & helpfu Read More
Really good! Proactive, knowledgeable and helpful. From the outset we received excellent forecasting, sound advice and support. Not only are they v Read More
We have always found Taxcare Accountancy to be extremely professional, approachable, helpful, supportive and efficient in dealing with my business Read More