Taking on your first employee can be an exciting time but there are some responsibilities you need to be aware of. One of them is compulsory pensions these are your auto-enrolment responsibilities. Find out what this means below.
Employers need to budget for increases from April 2018 in the compulsory pension contribution for their employees. Now is the time to plan for this.
I’m getting a lot of questions from business owners who are starting their auto-enrolment journey. The first thing they need to know is whom of my staff do I need to include in the pension scheme. This is an important question because it affects your costs and its important to budget for the increased cost well in advance.
Here’s a table from the Pensions Regulator that sets this out nicely.
In the UK nearly half of small businesses admit to struggling with Auto-enrolment, and how to set up a workplace pension scheme for their employees.