Auto enrolment legislation has been designed to encourage a retirement savings culture in the UK. This new legislation requires all employers to automatically enrol some or all employees of their workforce depending on age and salary level into a pension scheme.
This must meet certain minimum standards. Some employee’s will also have the right to ask their employer to enrol them into an auto enrolment pension scheme, which once again depends on the employee’s age and salary level. Employers may be required to make contributions to this pension scheme, adding to the contributions made by their employees’.
Mandatory Pension Schemes
Pensions automatic enrolment is now a mandatory part of running a business if you operate a payroll. Platinum One Accountants can offer advice on everything it entails, as well as help you with the administrative burdens that it presents. Every employer running a PAYE scheme has been issued with a staging date. This information has been communicated by the Pensions Regulator.