The law on pensions has changed dramatically in 2012. Between then and 2018 every employer must:
- Have a pension scheme
- Automatically enrol eligible* employees
- Contribute towards the scheme
*A worker is eligible if they are between 22 and the State Pension age, earn more than £10,000, have a contract of employment and work in the UK.
The new rules do not apply to owner directors and their spouses, unless they have a signed contract of employment. Even though it is not compulsory, you may want to consider setting up your own scheme because contributions from your company are tax deductible.
There are a number of options.
Work with an Independent Financial Advisor. This is likely to be the quickest and easiest option but also the most expensive. Expect to pay £2,000+.
The Pensions Regulator has published a step-by-step guide click here. We found a free online service option for employers at https://www.autoenrolment.co.uk/. There are charges for employees and I do not believe there is any advice built into the system.
Another online option, which does include built-in advice from a registered Independent Financial, is https://www.myauto-enrolment.co.uk/. At the time of writing the price is £435 plus VAT.
If you would like to talk about this or want an introduction to an Independent Financial Advisor get in touch.