Auto Enrolment Update
The Pensions Regulator is bringing the staging process for auto-enrolment to an end. From 1 October 2017 all new employers will have to begin the auto-enrolment process from the date they start their payroll. This means that qualifying staff must be enrolled in a workplace pension and contribute towards it.
The qualifying criteria for staff are as follows:
– Anyone aged between 22 and State Pension Age
– And earning over £10,000 per year, or £833 per month, or £193 per week
These staff must be put into a pension scheme and both you and they are required to pay into it. However, a three month deferral period for the company and new starters can be used, and this can help you manage the scheme better.
The Pensions Regulator’s guide for new employers can be found here: http://www.thepensionsregulator.gov.uk/en/employers/employing-staff-for-the-first-time.aspx
If you are considering employing someone for the first time we can give you detailed advice to help you manage it simply and cost effectively. Contact us here.