Although the roll out of workplace pensions has been going on for sometime now, not all small and micro-businesses have cottoned on to how it will be happening to them soon. The television adverts with Theo Paphitis show crowds of happy workers announcing that they are in, but it is soon to be the very small business’s turn. https://www.gov.uk/government/news/millions-more-to-be-automatically-enrolled-into-workplace-pensions.
The Pensions Regulator will send out letters 12 months before the “staging date”, (the date your scheme should be active), and for many employers this will be the first inkling that they should be doing something to avoid rude letters, fixed penalty fines, larger fines or even imprisonment.
In a nutshell, if you and anyone who works with you are paid via PAYE, then you must deal with the registration side of The Pensions Regulator. If you are a sole owner/director/employee, then you do not need to do much, as you can opt out, but any other situation will require rather more. You must set up a workplace pension for all employees over 22 but under state retirement age and earning more than £192 per week. There are no loopholes and no special treatment, so do not leave it to the last minute.
All of the essential detail is on The Pension Regulator’s website, http://www.thepensionsregulator.gov.uk/employers.aspx, so either make yourself familiar with it or delegate it.
As IFAs, Martin-Redman Partners is well placed to assist you with this tricky problem, so contact Julian or Jeremy on 01664 233102 in the first instance.
If you would like to know more about how we can help you plan and realise your financial goals then contact us at email@example.com or call us on 01223 792 196, (main number), or 01664 233102, (local office).
The information contained is for guidance only and does not constitute financial advice. It is based on our understanding of UK legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. Accordingly no responsibility can be assumed by Martin-Redman Partners its officers or employees, for any loss in connection with the content hereof and any such action or inaction.