Since the new workplace laws came into place in 2012 – with a lot of changes in regards to pension planning for individuals. The new workplace law had been designed in order to address the pension deficit that was projected for the near future. Part of these new laws was the introduction of automatic enrolment. At various staging dates, depending on the size of the organisation, employers are obliged to carry out pensions auto-enrolment for eligible jobholders into a qualifying workplace pension scheme and pay a minimum contribution rate for scheme members. At the latest, 2018 is the year that it should come in to place.
Are you currently in need of a provider in auto enrolment? The Financial Management offers Auto Enrolment Southend. Why not give us a call today? We can answer your all of your questions on auto-enrolment and the service we offer.
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AUTO ENROLMENT SOUTHEND: WHAT ARE MY OBLIGATIONS AS AN EMPLOYER?
As an employer, Often, variables such as wage increase and age can change often – and if you are responsible for enrolling an eligible employee in your system. Deducting the pension contributions from your employees every wage you pay out– whether that be monthly or weekly – is a must. Often, variables such as wage increase and age can change often – and it reflects on the employee’s eligibility.
The current regulations call for people who are older than 22 but under state pension age to be eligible for Auto Enrolment. To add to that, you must usually work in the UK and earn more than £10,000 per year. The current rate is that the employee pays 3% of their salary into the pension scheme, and the employer pays another 2% on top.
AUTO ENROLMENT SOUTHEND: WHAT CAN TFMC SOUTHEND DO FOR ME?
When you entrust your payroll to The Financial Management Centre in Southend, our advisors assess the eligibility of each of your employees each time we administer your payroll function. For the average business owner, this requirement to reassess each employee each time payroll is run is onerous and likely to result in costly errors.
We also liaise and communicate with your pension provider in order to ensure that the transition for each employee into the scheme once eligible will be done flawlessly.
We can take the burden that comes with Auto Enrolment Southend off you – against a very competitive price. Call us today on 01702 814 623 for more information.
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