Automatic enrolment guide for all employers
If you employ anyone then Automatic Enrolment applies to you. You may not have to set up a scheme and make pension contributions but you do need to check whether or not employees (including Directors) qualify and whether or not they ‘trigger’ Automatic Enrolment – which can vary from one payment period to another. Any employees that do qualify must be entered into a scheme even if they intend to opt out later.
What is Automatic Enrolment?
Automatic Enrolment came into effect on 1st October 2012.
All employers who employ one person other than themselves are affected by this.
It does not affect single company directors except those on a contract or Service Level Agreement.
How does it affect me?
If your company is not exempt from Automatic Enrolment you will need to set up a suitable qualifying workplace pension scheme. You will need to enrol all of your ‘eligible job holders’ – those who meet the criteria into the scheme.
What are my obligations?
All companies have obligations, even if it is just to confirm that you are exempt, and completing a ‘Declaration of Compliance’. Most employers will have to do more than this. You can find out how it applies to you from The Pensions Regulator, or speak to us.
Mayfield Financial Planning is experienced in setting up Automatic Enrolment for employers and can advise. If you would like a no-obligation meeting to discuss your employer duties please get in touch.