A number of new employer duties have been introduced that will give millions of workers access to pension savings and future payments.
What an employer needs to do will depend on whether they employ someone the legislation classifies as a ‘worker’.
The term ‘worker’ is specific – it does not simply apply to the working population as a whole. There are different categories of worker, determined by a person’s age and how much they earn.
A key requirement is to automatically enrol certain workers, known as eligible jobholders, into a pension scheme that meets specific conditions to be an ‘automatic enrolment scheme’. The employee can ‘opt out’ if they wish to do so.
For all employers, compliance with the new employer duties and safeguards is compulsory. It is crucial that all employers understand how their workforce is categorised under the new legislation.
At TaxGem™, we can take care of this whole process for you, including:
- Completing your declaration of compliance to the Pension Regulator
- Setting up your new pension scheme
- Sending all employees the relevant correspondence to inform them of your duties as an employer and their options as an employee
- Processing the correct amount of employee and employer deductions through wages
- Displaying these clearly on the employee’s payslip
- Submitting the relevant information to the pension provider on a monthly basis
- Triggering the Direct Debit from your business account to the pension provider on a monthly basis
Hands off for the employer, and…… efficient!
Let's get you started!
At TaxGem™, we can take care of this whole process for you.