Auto Enrolment Advice: Ashford, Maidstone, Canterbury Kent
We offer independent, whole of market auto enrolment advice throughout London & the South East from our base in Ashford Kent.
From October 2012 the face of UK pensions will change forever. Employers will be legally obliged to auto enrol their staff into a pension plan - instead of merely presenting them with information or leaving them to ask to join one.
Advance planning is essential - particularly for those firms setting up long term supply contracts. A three per cent payroll levy half way through a contract could have a major impact on contract profitability.
Employers will have re enrol their eligible workers every three years and keep records to prove they did!
The onus will be on employers to keep comprehensive records and the fine for non compliance could be anything from £500 - £50,000 and a £10,000 a day!
The idea is that once in that inertia will encourage the huge numbers with no pension provision to start saving for their retirement as a result of being automatically enrolled into a pension.
The key point is that once fully implemented the employer will have to contribute at least 3%, the employee 4% and the government will offer a 1% tax break equivalent to basic rate relief on employee contributions. It is also worth noting that the employer will receive corporation tax relief on their element of the contribution and that NI is not charged on pension contributions.
The rules are employees must be auto enrolled into a pension not auto enrolled into Nest. We regard Nest as unsuitable for many employers.
We offer a consultancy service on implementing auto enrolment and a support & administration service for those employers who need to review existing or implement a new company pension.
Call Simon on 01233 722922 for further information.
Auto enrolment advice London