We offer independent, whole of market advice on auto enrolment into a workplace pension throughout London & the South East from our bases in Ashford Kent and central London. We are here to help! White Paper on Auto Enrolment
From October 2012 the face of UK pensions changed forever. Employers became legally obliged to auto enrol their staff into a workplace pension plan – instead of merely presenting them with information or leaving them to ask to join one. From April 2019 minimum employer contributions are increasing to 3% with minimum employer contributions increasing to 5% – less tax relief
Employers also have to re enrol their eligible workers every three years and keep records to prove they did! The onus will be on employers to keep comprehensive records and the fine for non compliance could be anything from £500 – £50,000 plus £10,000 a day!
The idea was that inertia will encourage the huge numbers with no pension provision to start saving for their retirement as a result of being automatically enrolled. But once contributions increase in April it will be interesting to see how many opt out. If you are considering opting out – don’t!
Employers will receive corporation tax relief on their element of the contribution and that NI is not charged on pension contributions.
The rules are employees must be auto enrolled into a workplace pension – not auto enrolled into Nest. We regard Nest as unsuitable for many employers.
We offer a consultancy service on implementing auto enrolment into workplace pension as well as a support & administration service for those employers who need to review existing or implement a new workplace pensions.
Call Simon on 01233 722999 for further information.