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Workplace pensions are coming

Employers need to be aware of their obligations regarding the setup and administration of workplace pensions. The largest companies are currently in the process of enrolling in accordance with the staging dates put in place.

Workplace pensions will increase administration costs for businesses and the cost of employing staff. It is therefore vital a strategy is developed in both these areas to keep these costs under control.

We are currently in the process of assisting clients with registration. Contact us at the earliest opportunity if you wish to outsource this compliance as the deadlines for small employers is fast approaching.

There has been a large amount of information issued on this subject. As a starting point, it is vital our clients are aware and understand the following:-

Q - When do I have to setup and make available a workplace pension

A - CLICK HERE TO COMPUTE YOUR STAGING DATE – You will need your PAYE reference

Q - Which of my employees/workers will need to be automatically enrolled and when

A - CLICK HERE TO FIND OUT WHAT WORKERS WILL BE ENROLLED AND WHEN

Q - I already have a workplace pension setup. Is this sufficient to meet the new regulations?

A - CLICK HERE TO ASSESS SUITABILITY OF YOUR CURRENT WORKPLACE PENSION SCHEME

Q - Where do I go to get registered?

A - A number of pension providers in the UK will have schemes setup ready to comply with the new workplace pension rules. You should speak to your existing provider. Alternatively, the NEST (National Employment Savings Trust) is a scheme setup by government  for workplace pensions. CLICK HERE TO VISIT THE NEST WEBSITE FOR MORE INFORMATION.

Q - How much are the pension contributions for the employer and employee?

A - CLICK HERE TO CALCULATE THE CONTRIBUTIONS AND TO SEE HOW THEY WILL INCREASE OVER THE COMING YEARS

Many more questions need to be resolved. For most small and medium sized businesses, the points raised above are a good starting point to understand when and who will be affected. With this knowledge, we can start to develop a strategy for a smooth transition.

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