WORKPLACE PENSION
By 2018 it will become a requirement of all employers to make sure that their eligible employees are registered for a workplace pension. If you don’t already have a company pension scheme established, then it is important that you set one up and arrange for it to meet the government requirements. At The Accountancy Solutions we have a lot of experience setting up and executing pension schemes in small and large companies, ensuring they meet regulations and helping clients with enrolling their employees.
WORK PLACE PENSIONS AUTO ENROLLMENT
Employers must enrol any worker that meets this criteria in a workplace pension scheme:
• The worker must not already be in a workplace pension
• The worker must be aged between the age of 22 and the age when they are entitled to claim the State Pension
• The worker must earn over £10,000 per year
• The worker must usually work within the UK
Compliance With Auto Enrollment
Despite the fact that auto-enrollment has been around for a while, a number of small company employers remain unaware that they can be fined if they are non-compliant with the law. In the last quarter of 2016 there were almost 3000 penalty noticed issued to employers with under 30 employees who failed to enroll their workers in a pension scheme and this can be extremely detrimental for small businesses. For employers, especially those with a small business where accountancy is not their specialism, it can be difficult to navigate their way through the complexities of auto enrolment, but luckily here at The Accountancy Solutions we are here to help.
Advice for Workplace Pension
It can be tricky to work out the minimum employer contribution required for the workplace pension scheme, especially as the percentage is set to increase over the next couple of years. Ensuring that your payroll system is compatible with your selected pension scheme, keeping appropriate up to date records and paying contributions at the correct time are all elements which must be borne in mind. The Accountancy Solutions can help to ensure that you are fully compliant with the law surrounding workplace pensions and can do all of the hard work for you so that you can concentrate on your business safe in the knowledge that your employer contributions are in safe hands.
At The Accountancy Solutions, we have strong relationship with financial advisers who can advice you correct type of pension scheme for your employees. Once you have chosen a workplace pension scheme we can do the compliance.