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.