Workplace Pensions – Are You Ready?

Pension

It’s been difficult to get away from the news that it’s going to be compulsory for all size companies to offer their employees a pension scheme by 2018.

Automatic enrolment is being introduced in stages up until 2018 depending of the size of the employer. The largest employers started first, followed by medium-sized and then small employers. If you’re an employer and you haven’t yet set up a scheme, you can check your staging date here

It doesn’t matter whether the employees work full time or part time, employers will have to enrol employees in a workplace pension scheme if the employee:

  • is not already in a suitable workplace pension scheme
  • is at least 22 years old, but under the State Pension Age
  • earns more than £10,000 a year (tax year 2015-16)
  • work in the UK

As long as the employee meets the above criteria they will have to be enrolled into a workplace pension scheme.

Employees will also be covered if they are on a short-term contract, an agency pays their wages or if the employee is on maternity, adoption or carer’s leave.

If the employee earns less than £10,000 (2015-16 tax year) but more than £5,824 (2015-16 tax year) they can ask to be enrolled and the employer has to then enrol the employee and make contributions towards their pension.

If you are an employer and would like more information, or you’re an employer and you aren’t yet set up with a pension scheme for your staff, we may be able to assist you. Simply complete the form below and we will get back to you as soon as we can.









Where did you hear about us?



captcha