As most people will know from April 2012 the law on workplace pensions was significantly restructured. Every employer with at least one employee now has an obligation to provide and contribute to a workplace pension for their staff; however, there is no straightforward route to sourcing an appropriate scheme. The onus lies with the employer to ensure that all eligible staff are enrolled into the scheme and continuously monitored which can prove to be time consuming process.
As of 2015, the total minimum contribution is 2% of an employee’s gross earnings (of which at least 1% must be paid in by the employer). By October 2018, this minimum will have risen to 8% (made up of at least 3% from the company, up to 4% from the employee and 1% tax relief). Employers that don’t comply with these rules face a range of potential sanctions.
Deep Blue Financial Ltd specialises in helping employers to comply with all the regulatory requirements and duties surrounding Auto Enrollment and in launching a workplace pension scheme. Our service includes:
What we will do for you:
- Identifying your staging date and carrying out the mandatory assessment of your workforce.
- Researching and advising on the correct level of contributions required under the current legislation for both the employer and employee.
- Implementation of the software required to undertake all the mandatory record-keeping.
- Mapping your current payroll onto the software.
- Helping your company to issue the appropriate compulsory communication to employees.
- Assisting with your scheme compliance declaration – a legal requirement imposed by the Pensions Regulator.
- Deep Blue Financial ensures adherence with legislation throughout and will continually support you once your workplace pension scheme is in place.