By 2018 all businesses are legally obliged to have a workplace pension in place – otherwise known as pension auto-enrolment.
Auto-enrolment is a complex and time consuming process to put in place and maintain. Wurkplace offer an outsourced payroll service that is compliant with auto-enrolment so you avoid any unnecessary non-compliance fines. Wurkplace deal with all necessary staff communications that need to be sent out at specific times during the auto-enrolment journey.
As an employer it is your duty to ensure your staff are automatically enrolled into a workplace pension scheme if they:
- Are aged between 22 and the state pension age
- Earn more than £10,000 a year
- Work in the UK
Every employer will have a date from when the pension auto enrolment duties come into force; this is known as the ‘staging date’. You can only choose to move your staging date back to a later date that the one determined at 1st April 2012 if, on that date you:
- Employed fewer than 50 staff, and;
- Had or were part of a PAYE scheme that had more than 50 staff in it
Employees earning more than £5,564 per year will be required to pay into their own pension each week/month while the employer is also to fund part of the pension pot. The government will contribute further by allowing tax relief on the amount the employer contributes.
The stages are now moving forward quite quickly; to find out when your staging date is, visit: The Pension Regulator.
Ideally you should start planning 18 months before your pension auto enrolment staging date. Decide which workplace pension you wish to use and which external party you wish to use to set it up. The scheme takes around 6 months to set up, don’t leave it until last minute, it won’t go away!!
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