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Soon all businesses regardless of size will need to offer employees a workplace pension. The government’s auto enrolment started in 2015 and the deadline for most is set for April 2017. This will mean that by law you are required to contribute to a pension’s scheme. Avoiding enrolment may result in some large fines. If you already have a financial advisor now will be a good time to enlist their help.
The Pensions Regulator has set up an easy to use website which contains all the information you need in order to prepare your business for the deadline. Firstly, it’s important to know the staging date; If your business was set up before 2012 your date will be prior to April 2017, however if your new business was set up after 2012 your date will be between May 2017 and February 2018. This date depends largely on your payroll size and can be found by simply entering your Company PAYE reference online at the pension’s regulator.gov.uk
You will need to work out your budget in advance. The amount of your contribution is also guided by the Government. Until September 2017 employer’s contribution will be a minimum 1% and by October 2018 this will rise to 3%. The Regulator tool will help you work out how much you will be expected to pay for each employee and you can view this as a monthly or annual cost.
There are various schemes to choose from and you will need to look into these closely to find the most suitable pension for both you and you employees. NEST (National Employment Savings Trust) is a government backed scheme and welcomes all sized businesses as do The Peoples Pension and Smart Pension