Advice on auto Enrolment: London Central, City, West End, Mayfair...
AUTO ENROLMENT ADVICE IS ESSENTIAL FOR YOU AS A LONDON EMPLOYER. From October 2012 every employer has to meet new legal duties to help their workers in the UK save towards their retirement. The date the law becomes effective for your business is known as the ‘staging date’. Broadly the staging date is determined by PAYE scheme size or reference. This could be now or as late as 2018. Those employers with the largest number of workers have the earliest staging date.
Employers must automatically enrol certain eligible members of your workforce into a qualifying work place pension and contribute to it. Even if you already offer pension arrangements for your staff you may still have to meet some new obligations. If you do not have an existing scheme that can be used you will need to set up a qualifying work place pension. Facts & Figures are Chartered Financial Planners offering Independent Financial Advice based in Central London. Contact us to review your pension arrangements.
The key point is that once fully implemented the employer will have to contribute at least 3%, the employee 4% and the government will offer a 1% tax break equivalent to basic rate relief on employee contributions.
The employer will receive corporation tax relief on their element of the contribution and NI is not charged at all on pension contributions.
We regard NEST (National Employment Savings Trust) as unsuitable for many employers. The rules say employees must be auto enrolled into a qualifying work place pension - not auto enrolled into Nest.
We offer a consultancy service on implementing auto enrolment and a support & administration service for those employers who either need to review existing plans or implement a new company pension.
Call Simon or Pam on 0207 904 1049 for further information.
Pension Advice London