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Auto-Enrolment

1 Sep 2016

Auto enrolment is heading your way, if you are a limited company or employ staff.

Your staging date, is the date that you will have to have a pension scheme in place for your employees , and it is determined by your PAYE number . Follow this link to find out your date http://www.thepensionsregulator.gov.uk/employers/staging-date.aspx?gclid=CIDO4PP1j8YCFUfMtAodYRIAzg

What to do next

You have three options now

1. Find a pension scheme for your employees ( You will need an IFA to advise on the correct pension scheme) You will need to allow 6 months for the process and there will be charges involved, although you will be ensuring that your employees have the best advice.
2. There is a government backed free Pension scheme called NEST that will provide a basic service. It is free to employers and will fulfil your legal obligations, but may or may not be the best value for money for your employees. Here is the link to the Nest scheme. It can be set up easily and quickly at www.nestpensions.org.uk.
3. 1. a) There is only one director and there are no other staff working for the company.If you are a limited company only employing yourself and fellow Directors, you can apply for an exemption. This will officially lift your obligation to run an Auto-enrolment scheme and avoid any fines. You will need to wait for your official letter from the Pensions Authority to arrive. You can then send off this email to customersupport@autoenrol.tpr.uk
      Dear Sirs,I confirm that COMPANY NAME is not an employer for the purposes of automatic enrolment for the following reason-The letter code for the company is ***************
      The PAYE reference is ***/********
      The Companies House number is ************

      The contact at the company is
      NAME
      ADDRESS
      email address is EMAIL ADDRESS

      Kind Regards
      DIRECTOR