Pensions And Auto Enrolment
Pensions and Auto Enrolment Services
End-to-end implementation.
Ensuring compliance.
Dedicated accountant for each client.
Comprehensive Pensions and Auto Enrolment Services From Planning To Implementation
Employers in the United Kingdom should now enlist all of their workers in a workplace pension system, and ATF Accountancy is available to assist. However, Even though the process would seem seamless to your workers, you must make efforts to verify that you are completing your duties as an employer. ATF Accountancy can make the process easier for you.
Understanding Auto Enrolment
Under auto-enrolment, UK businesses are obliged by law to establish a workplace pension, enrol all eligible workers, and deposit their pension funds. In 2012, the government implemented automatic enrolment to encourage more individuals to begin saving for retirement.
All UK firms with at least one employee are required by law to automatically enrol new workers in a workplace pension system. Several organisations struggle with this essential aspect of the onboarding process. So, you may have questions about whether workers are eligible for auto-enrolment, whether they are required to stay in your workplace pension plan, and how to handle the auto-enrolment process. Besides, enrolment procedures might be very time-consuming.
That’s where ATF Accountancy come into play. Our payroll specialists can handle your auto-enrolment system. Hence, we allow you more time to concentrate on business-critical tasks.
To Whom Does Auto-Enrolment Apply To?
All enterprises in the United Kingdom are now mandated to establish pension plans for their workers. As a result, it will fulfil specific requirements involving employer and employee contributions. To be eligible:
- Be at least 22 years old
- Be younger than the state pension age
- Earn over £10,000 annually in 2020/21.
- Work in the UK
Contributing to workplace pension schemes is not simply your and your workers’ obligation. Moreover, the government offers tax relief.
You must adhere to the Act if you operate a company with one or more employees. Further, you’ll have to:
- Establish a workplace pension plan that complies with the new regulations
- Enrol all qualified employees automatically
- Contribute to the retirement funds (pensions) of qualifying employees.
- Enrol additional employees who want to join the plan.
If you have begun your pension staging responsibilities, ATF Accountancy can provide you with a comprehensive auto-enrolment solution. Also, we can help you with the effective installation and continuing company compliance, as well as connect you with financial advisor partners that come highly rated.
Contributions To Pension Auto Enrolment
The minimal total contribution is 8% of an employee’s pay. Under existing pension auto-enrolment rules, you are liable for contributing 3 per cent of eligible earnings as an employer. Thus, the remaining 5% comprises employee contributions.
The Benefits Of Pension Auto Enrolment Management
A fully managed automatic enrolment solution enables you to fulfil your automatic enrolment commitments to your workers without the distractions and administrative burdens of managing everything independently. With professional direction and help, you may find an auto-enrolment plan designed to meet your requirements. For instance, the benefits are as follows:
Minimising Risks
Compliance with employment pensions may be challenging, particularly when laws are always evolving. Whenever we handle your scheme, we handle auto-enrolment compliance, including communication with the Pensions Regulator. So that you may do business with confidence, knowing that an expert staff is monitoring your ongoing compliance
Keeping Your Costs Low
It is not always cost-effective to do all tasks on your own. We have designed our systems and procedures to save resources.
Eliminating obstacles
We believe you’d rather perform whatever your company does than deal with auto-enrolment. We handle all your pension auto-enrolment administration requirements, allowing you to concentrate on growing your company, boosting your income, and building your brand.
Establishing a workplace pension plan may be costly and difficult for small organisations. However, the professionals at ATF Accountancy will provide you with a perfect option.
Ready to start your journey ?
Frequently Asked Questions
Which employees do I have to auto-enrol into a pension?
You must automatically enrol workers aged 22 or over but under State Pension age who earn above the earnings trigger and work mainly in the UK. Staff outside those criteria can still ask to join, and in some cases you must contribute for them. Duties apply from the day your first member of staff starts — there’s no minimum size below which auto-enrolment doesn’t apply.
What are the minimum pension contributions?
The statutory minimum total contribution is 8% of qualifying earnings, of which the employer must pay at least 3%. The employee makes up the balance, with part of their share coming from tax relief. Many employers choose to contribute more than the minimum, and employer pension contributions are generally deductible for Corporation Tax, which makes them an efficient form of reward.
What are my duties as a new employer?
You must assess your staff, enrol those who qualify, write to all employees explaining their position, set up a qualifying pension scheme, make contributions on time, and submit a declaration of compliance to The Pensions Regulator. Deadlines are fixed and the Regulator does issue penalties. We handle assessment and submissions alongside payroll so the two stay in step.
What happens if an employee opts out?
Employees can opt out within one month of enrolment and receive a refund of their contributions. You must process the opt-out properly and keep the records. Crucially, you cannot encourage or induce staff to opt out — doing so is a breach that the Regulator takes seriously. You’ll also need to re-enrol eligible opt-outs at your next cyclical re-enrolment date.
Do I have to re-enrol staff every three years?
Yes. Roughly every three years you must re-enrol eligible staff who previously opted out or left the scheme, and submit a re-declaration of compliance. You can choose a re-enrolment date within a six-month window around the third anniversary of your original staging date. The re-declaration is a separate obligation from the re-enrolment itself, and missing it is a common cause of penalties.
