Auto Enrolment Services

Auto Enrolment was introduced to make sure people are saving for their future pension rather than getting to retirement and having to live their champagne lifestyle on a lemonade budget.

All employers should have an auto-enrolment scheme in place by law, so don’t ignore it. Let our pod of online accountants help your business. 

What is Auto Enrolment?

If you have employees, then you may be required to run an Auto Enrolment pension scheme. In simple terms, Auto Enrolment is a pension pot, which you as the employer, and your employee, both pay into.  This is a one-way street until the employee reaches retirement age when they can access their money

All employees who meet the following criteria need to be enrolled: 

  • Aged between 22 and State Pension age
  • Earn more than £10,000 a year
  • Work in the UK

The current rates, (from April 2020), are a minimum of 5% for employees plus 3% for employers.

 

How do you set up an Auto Enrolment scheme?

If you have employees and you haven’t yet got an auto enrolment scheme in place, then get in touch.  Let our accounting experts help you to get a scheme set up today.

There are penalties from the Pensions Regulator if you get this wrong, so don’t delay – we are here, waiting to help.

 

What happens if my employee doesn’t want a pension?

Even if all of your employees don’t want a pension, you still need a scheme in place.

Every employee who meets the criteria above will be ‘auto enrolled’.  They will receive a welcome pack from the pension company before the contributions start and at this point, they can ‘opt out’.

 

How to calculate Auto Enrolment deductions

This is not easy, and definitely not something that we will bore you with here. Seriously, it’s not something to try and work out on the back of an old envelope.

If you’re not sure what to do next, get in touch about our auto enrolment services, that’s what our accounting team are here for!

 

More Online Accounting Services for Limited Companies

It’s not just Auto Enrollment that our accountants can take off your brands. We can also help with:

Need our help?

We’ll guide you through the process.
Find out how our auto-enrolment services can help you and your business.

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