Automatic Enrolment Services
Workplace pension laws have changed under the Pensions Act 2008, stating that every employer in the UK is required to put certain staff (those that meet the requirements) into a pension scheme whilst contributing towards it by 2018. This law is called ‘Auto Enrolment’.
A workplace pension is a way of saving for retirement that is arranged by your employer and most workplace pensions are called ‘work-based’ or ‘occupational’ pensions. These pension schemes mean that a percentage of your wages are put into your pension automatically on your payday. Generally, your employer adds money into the pension scheme for you and you might also get tax relief from the government.
So whether you are a nurse, a hairdresser or an architect, if you employ at least one person, you are an employer and must follow certain legal duties including Automatic Enrolment.
Auto Enrolment Accountant
An automatic enrolment accountant can help you as an employer with your auto enrolment duties. Because this law is new and has to be complied with by 2018, many employers will feel lost about what they need to do. For this reason, our professional accounting team at Royds Accountancy can take the stress off your hands and cover all aspects of auto enrolment for your employees.
You should be automatically enrolled in a pension scheme and contributions should be made by your employer if the following applies to you:
• you’re classed as a ‘worker’
• you’re aged between 22 and State Pension age
• you earn at least £10,000 per year
• you work in the UK
There are also employees who may not be eligible to be auto-enrolled, but who you’ll still need to make minimum pensions contributions for should they decide to join your pension scheme.
Auto Enrolment – Your Staging Date
You can find out your staging date by entering your PAYE reference number on the Pensions Regulator website.
We would suggest that you address your staging arrangements as early as you can to ensure that you are going to be ready for automatic enrolment.
There is a large spike within the number of companies staging in late 2015 through to 2017, it is smart to register with our accountants for support sooner rather than later to make sure you get the relevant guidance.
Penalties for Auto Enrolment
If you don’t comply with Auto Enrolment schemes, you could face penalties that include warning letters and if those are ignored, it could result in having to pay a fine. To avoid this, you should consider hiring our outsourced Automatic Enrolment services.
Contact our accountants to find out more about how we can help you with your Auto Enrolment requirements.