The Government wants to encourage more workers to save for their retirement, rather than relying on the state pension. All employees to be automatically enrolled into a workplace pension scheme and employers are required to contribute to each individual’s fund. Anyone aged from 22 to the state pension age earning enough to pay income tax will be automatically enrolled in their employer’s pension scheme.
Between October 2012 to September 2017, employees will have to pay in a minimum of 1% of their salary and as an employer, you will top this up to a minimum of 2% in total. Contribution levels are set to rise over time.
So how can we help? Auto-enrolment will inevitably place an additional strain on many small businesses due to the work involved in the new processes such as record keeping and reporting requirements. We can take care of this for you. We can help you find the most appropriate scheme for your business as well as ensuring that you meet your obligations in terms of record keeping and reporting.