are you ready?
Currently, all businesses that emply staff need to ensure they comply with the Pension Regulator requirements.
It can seem quite daunting at first but once a few key decisions have been agreed we can take care of the whole process for you for a cost effective fee agreed prior to commencement.
There are 2 elements to auto enrolment:
1. Getting a scheme set up
2. The ongoing compliance and processing process
What is it?
To help people save for their retirement, the government has introduced auto-enrolment.
This means that employers will have to automatically enrol eligible employees into a qualifying workplace pension scheme (QWPS).
It’s important to remember that your business could be fined up to £2,500 per day if it doesn’t comply, so it pays to plan ahead.
The earlier you start, the smoother the process will be.
What does it mean?
Eligible employees will need to be enrolled into your pension scheme.
Following enrolment they can chose to opt out of the pension scheme.
Employers have to contribute towards eligible employees’ pension plans. E
mployees may also have to contribute depending on whether your payments alone meet minimum levels specified by the Pensions Regulator.
Employees who are not eligible can still choose to join the workplace pension scheme and may also be entitled to employer contributions.
Current minimum contribution levels are (2018/19)
2% Employer Contribution
3% Employee Contribution
From April 2019 the minimum contribution levels are:
3% Employer Contribution
5% Employee Contribution
It is very important to understand that we are not, and do not promote ourselves as Financial Advisors.
We are not regulated by the FCA so cannot offer advice on which scheme to use.
It is the employers responsibility to choose the most appropriate pension scheme for your team.
Our payroll software is compliant with all the major providers.
We can setup the scheme for you with prices starting from £395 (eg NEST)
For further details please get in touch so wecan discuss it further
We have a solution that takes away the headache and complexity out of auto enrolment
A low cost, hassle free option that take’s care of everything to get you compliant
Electronic payslips and employee logins to access auto enrolment communications
Fully compliant audit trail maintained electronically – no storage requirements and complete peace of mind