We Provide Business owners with corporate financial planning advice with regard to setting up a workplace pension scheme.
In 2012, the Government introduced the requirement for every employer to implement an employer sponsored pension scheme, under the title auto-enrolment. Starting with the largest employer down to the the smallest of employers, even if you only employ one person, your employer will have to make contributions into a qualifying pension scheme on your behalf. All employees will also have to contribute to the pension scheme unless they decide to 'opt out' of joining the scheme.
The demand on an employer's time and the cost implications of meeting the new requirements will need careful planning. The auto enrolment requirements for many companies can be onerous. Tasks include, choosing a suitable pension scheme, assessing which employees are eligible, processing employees joining the scheme and those who wish to opt out. Together with integrating pension software & payroll systems is a challenge for even the biggest companies.
Here at Sweetland Associates we can discuss the options available and tailor a scheme to meet your individual requirements. Even if you already have a scheme in place a review will establish whether it is fit for purpose and meets the new regulatory requirements.
The rules are complicated and in addition if you fail to comply with these rules it can be deemed to be a criminal offence.