From October 2017, new businesses will have auto-enrolment duties when employing staff
New businesses who start up from October 2017 will have auto-enrolment duties when they start employing staff. This means that they will need to comply with the pensions legislation and have a pension in place alongside all the usual tasks associated with setting up a new business.
This warning comes as the current schedule for employers to meet their auto-enrolment obligations comes to an end, meaning all businesses who existed prior to April 2012 will now have passed their pension duties deadline date.
Those who become employers for the first time on or after 1 October 2017 will immediately have legal duties for their new member/s of staff. These duties apply from the first day the first member of staff starts working for them and is known as their duties start date.
There are exemptions that may apply, such as to new businesses in respect of PAYE; when it comes to having a PAYE scheme in play, if staff earn £490 a month or less, then HMRC may not require the employer to set up a pension scheme. It is always best to speak to us first to see whether this or other exemptions apply.
We have a specialist team who can advise you on setting up and administering a qualifying workplace pension scheme so you are fully compliant with the pensions legislation and your employees are invested with a reputable pension scheme provider. If you’re a business looking to start employing your first member/s of staff later this year, or if you’d just like to find out more about the services we offer please contact CBW’s dedicated Auto-Enrolment Consultant, Philip Harrison, on the details below.