May 29, 2014
BCL37 Auto Enrolment Pensions - Are You In
Watch our Live Show every Wednesday 6pm UK HERE on Business Connections Business Connections
Live Programme 37 Broadcast 28th May 2014
Why having a pension is of merit and not a waste of money!.
Rule changes to make pension contributions compulsory for employers and employees are known as Auto Enrolment
What is automatic enrolment?
UK businesses who employ one or more workers have to put them into a pension scheme, if they meet certain criteria. The law on workplace pensions has now changed and every employer must comply.
If you are an employer with staff working for you in the UK, automatic enrolment does apply to you and there are things you will need to do.
There are certain employer duties you must comply with. If you fail to comply with your duties, enforcement action may be taken and a notice and / or a penalty issued.
Changes to pensions law gives employers new duties in relation to their workforce.
As an employer, you'll have new duties in relation to everyone working for you:
• who is aged between 16 and 74
• who works in the UK
• for whom you deduct income tax and National Insurance contributions from their wages.
Automatic enrolment is the main employer duty under the new laws on workplace pensions. It's called automatic enrolment because employers will need to enrol certain staff into a pension scheme 'automatically', without those staff having to do anything.
You must automatically enrol everyone working for you:
• who is aged between 22 and state pension age
• who works in the UK
• for whom you deduct income tax and National Insurance contributions from their wages
• who is likely to have gross earnings over £10,000 in a year
• You will have to make regular payments into the pension schemes of all staff who you automatically enrol and all those who choose to opt in.
• The law has set a minimum level for employer contributions.
Employers need to know their start date and how to find it and why everyone should consider taking out a pension for retirement
Philip Skinner will:
- Dispel some myths about pensions as to costs.
- Outline the tax benefits and how they how they work in simple terms
- Explain some of the flexible arrangements that now exist from the recent Budget changes
- Discuss the role of pensions as part of a happy retirement not relying on State Pension
Pensions are not taxing
Plan early to make you're your pension scheme qualifies under the new Auto enrolment rules
If you have a pension already is it fit for purpose?
Undertaking a regular review of your pension is key
An honest assessment of your risk is an important consideration to having a satisfactory outcome.
Diversify your Pension premiums to different assess classes
Pension is not the only investment in retirement to take control of your lifestyle
PHILIP SKINNER of Shaw Walker Lees -Qualified Accountant and Financial Advisor. In Practice working with private and business clients in our London office.
BCL37 Auto Enrolment Pensions - Are You In
Watch our Live Show every Wednesday 6pm UK HERE on Business Connections Business Connections
Live Programme 37 Broadcast
28th May 2014