Since April 2012 all UK employers have been subject to pensions auto-enrolment and obliged to include all eligible workers into a qualifying pension scheme.
To meet their legal requirements employers must carry out a full workforce assessment and setup a qualifying pension scheme. All employees must know their rights and the business must make the minimum contributions for each employee enrolled.
In addition, the business must keep detailed records as evidence the above actions have been carried out and file a declaration of compliance after initial staging date.
Businesses must continually assess their workforce to identify any changes which need to be actioned (such as new starters, pay changes, contribution change dates) as failure to do so could mean being subject to heavy penalties.
Essendon Accounts & Tax can provide a bespoke pensions auto-enrolment solution for your business. With some basic tax planning, we can also save you money, equivalent to 40% of the cost of the pension contributions being made.