Automatic enrolment (auto-enrolment) is new pensions legislation which requires employers to provide and contribute to a pension scheme for their staff.
In order to give employers time to adjust to the new rules, auto-enrolment is being gradually phased in; large employers first and small employers last.
The date the new regulations are ‘switched on’ for your business is known as your ‘staging date’. Your staging date will not be until June 2015 at the earliest- which applies to employers with fewer than 30 employees.
But you may wish to start your pension scheme early. This can help you adjust to the administration involved, the extra expense and will also mean you get a better choice of scheme- because you are ahead of the game. It is widely publicised that there are unlikely to be enough pension schemes to go around, so employers are being encouraged to get their affairs in order early- even if the scheme lies dormant initially.
At TaxAssist Accountants we are working together with Scottish Widows, one of the UK’s leading pension providers, to create The TaxAssist Accountants Client Pension Scheme, which offers a host of features and benefits for small businesses that are normally only available for larger organisations.
If you would like to discuss our package in more detail, please do not hesitate to contact us and we’ll put you in touch with your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.