The government has introduced pension legislation which forces nearly all employers, regardless of size, to automatically enrol qualifying employees into a suitable pension scheme. If enrolled, the employee and employer must make pre-determined minimum contributions to the pension. This is likely to be an additional ongoing payroll cost for most employers.
Employees will have the option of opting out of the pension scheme and if they do, the employer won’t need to make any contributions, however in our experience we are finding that surprisingly few employees are opting out thus far.
William Duncan’s tax and wealth management specialists have researched the marketplace and are recommending the services of Creative Auto Enrolment to our clients. We believe that Creative Auto Enrolment is the simplest, most cost effective way for our clients to comply with the auto enrolment legislation.
Benefits of the service:
- Cost effective – there is a nominal fee charged by Creative Auto Enrolment to the employer for establishing or managing the pension scheme
- Simple – no complicated decisions about how to comply – the scheme is designed using the options that are usually most appropriate for employers
- Integrated – payroll software will communicate with Creative Auto Enrolment, who will do the rest
- Stability – funds are invested with Scottish Widows
- Flexibility – ability to pay above minimum contributions if you wish
- Support – employee helpdesk to handle any of your employees queries
Over 1 million businesses need to go through this process right now. So to ensure you get the best available scheme for your business, and to get started, just click here.
For most employers, setting up a pension scheme is not optional. There will be no charge from Creative Auto Enrolment for setting the scheme up; doing so simply gets you access to a pension scheme for when the time comes.
Note that if you are a very small employer and your only employee is yourself and or your partner, or all of your employees are likely to opt out, you will still need to ensure that certain compliance matters are dealt with.
WD Wealth Management have significant expertise managing funds and reviewing wealth management strategies for clients. They are not only experts in auto enrolment and pensions, but along with the firm’s tax specialists advise on estate planning and tax efficient investments.
For further information on our payroll services click here, or to find out more about our recommended Auto Enrolment solution please contact firstname.lastname@example.org or email@example.com or call 01292 265071.