A major change is coming for any business in the UK. The UK Government has introduced new pensions legislation, which makes it compulsory for employers to implement a ‘qualifying’ employee pension scheme, and for employers and employees to contribute to it. For most businesses, this change will have a significant impact on costs, systems and the administration burden. Key facts for employers
- Your start date depends on the number of employees you had in your PAYE scheme on 1 April 2012, but the dates fall between Oct 12 and Sept 17.
- You must use a qualifying scheme
- You must contribute 3% of qualifying earnings
- Not all employees are eligible
- You must register with The Pensions Regulator (TPR) and enrol eligible employees
- There are steep penalties for non compliance