Meeting your legal responsibilities
Even if employers just employ one person, they are legally required to provide a Qualifying Workplace Pensions Scheme (QWPS).
There are different staging dates up until April 2017, depending on how many employees you have and your PAYE reference number. The Pensions Regulator will contact you at twelve months, and again at six months, before your staging date. However, you can bring yours forward.
With auto-enrolment, employers are legally required to:
- Make contributions on workers’ behalf
- Register your QWPS with the Pensions Regulator
- Communicate to workers specific information about the changes and how these will affect them.
Get a head start with our Workplace Pensions team
If you already offer an occupational pension scheme, registration may simply be a formality. We can review your arrangements, verify if they qualify and during this process identify any cost savings. If you need to introduce a scheme, the choices are:
- Group personal pension
- Group SIPP (self-invested personal pension)
- A Mastertrust pensions solution
- Occupational money purchase scheme
- Occupational defined benefit pension scheme
- An entirely ‘bespoke’ pension scheme
Our experts are already advising employers of all sizes and in every industry sector, giving step-by-step guidance. Many have already found the process more time consuming and costly than initially anticipated. With penalties for organisations that miss their staging deadline, getting ahead is recommended. Albert Goodman’s pension advisers can work closely with you to assess your workforce and your pension provisions and help you to introduce and communicate your scheme, on time.
Minimum contributions being phased in are:
|To April 2018||1%||1%||2%|
|April 2018- April 2019||3%||2%||5%|
|April 2019 onward||5%||3%||8%|
Talk to us about
- Salary sacrifice improving pension tax efficiency
- Group death in service
- Concerns that your existing pension is falling short
Albert Goodman Chartered Financial Planners is a trading style of Albert Goodman Financial Planning Limited which is authorised and regulated by the Financial Conduct Authority.
Registered in England No. 2989819
Registered Office:Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX