From January 2016 a new company pension , called ‘Auto enrolment’ is being rolled out to small businesses.
This is , in effect, an update on the stakeholder pension but it is now compulsory to offer a pension.
The Pension Regulator will have by now issued any Employer operating a Payroll scheme with a letter
advising of their ‘Staging date’. If you don’t have this letter you can find your Staging date online.
The impact will be that Employers must have a scheme set up and registered with the Pension Regulator in advance of the staging date. If not there are severe penalties.
Employees meeting certain criteria will then be ‘automatically enrolled’ in the pension scheme with scope
to opt out if they wish.
We can provide a payroll and pension administration service for up to 10 employees.
IF YOU HAVE JUST DIRECTORS WITHOUT CONTRACTS OF EMPLOYMENT AND NO EMPLOYEES YOU CAN BE EXEMPTED FROM SETTING UP SUCH A PENSION.
If you are interested please contact us.