Setting up a new business takes a lot of time and focus. There is a lot to do and make sure you comply with.. Not only do you need to sort out all of your government paperwork and perfect your business plan, you also need to hire a new team and promote your venture.
You also have a new task on your plate that you might not realise. As of 2012 (but with rolling staging dates dependent on individual businesses), all employers across the country are required to provide their staff members with a workplace pension scheme.
However, all and any size new business that is established and employs more than 1 member of staff must immediately set up a workplace pension and make contributions at the required level as set down by the regulations. In April 2018 this is 3% employee (which includes the government tax relief amount and 2% employer. As soon as you have a PAYE number then DWP and The Pensions Regulator will start tracking you.
This means that you need to contribute a monthly amount into a pension plan for each of your employees, no matter how big or how small your team. Even if you employ only one part time individual, if their wages exceed the threshold, you need to set them up with a scheme.
Choose a pensions provider that specialises in workplace pensions, to establish the scheme it is unlikely to cost you anything and will ensure you are compliant with your obligations. you need to automatically enrol each of your eligible employees. Pensions Auto-Enrolment is not time consuming or costly, but it can be a bit confusing if this is not your area of expertise.
If you are not sure about your pensions auto-enrolment duties, or if you are unsure about how to proceed – no problem. The experienced and friendly team at Options Corporate Pensions UK Ltd. is happy to answer all of your questions. We will work with you to get all of your auto-enrolment tasks completed before you launch your business.
This is your dream – a new business venture in your area of expertise. So why not let us work within our area of expertise and help you with your new company pension auto-enrolment scheme.
Call or email us today – we’ll help you get on the right track.