Due to new workplace pension rules, every employer in the UK must put qualifying staff into a pension scheme and contribute towards it. This is called 'automatic enrolment'.
If you’ve employed someone since 2nd April 2017 or you’re going to employ someone before 30th September 2017, the date that your duties apply will vary but you can check with the Pensions Regulator here.
On the date your duties start you must assess your staff to see if they meet the age and earnings criteria:
- aged between 22 up to State Pension Age
- and earning over £10,000 per year (or £833 per month or, £192 per week)
If they do, you must put them into a pension scheme and both of you must contribute. Even if your staff member doesn’t meet the above criteria, you still have responsibilities under the workplace pension rules.
By Jo Nockels
Disclaimer: Advice shared in this blog 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 forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.