Auto Enrolment
The FCA do not regulate auto-enrolment, employee benefits, and estate planning.The value of pensions and investments can fall as well as rise. You may get back less than you invested.
What Is Auto-Enrolment?
Auto Enrolment is a government-initiated scheme that makes it compulsory for all businesses to have a pension scheme. It is now compulsory for all employers with 1 to 30 employees to set-up an Auto Enrolment compliant pension scheme.
Common Questions That Are Asked about Auto-Enrolment:
A common question is, whether you need to have an Auto Enrolment scheme in place even if you only have one employee? The answer is yes.
If there are no employees of the company then there are no duties as there are no workers (PAYE employees). It’s the same situation if there are multiple directors in the company and none of them hold a contract of employment. The duties will apply as soon as the company has workers. In the first instance, all they need to do is notify The Pensions Regulator that they have no employees. They would need an automatic enrolment scheme if they take on anyone under a contract of employment.
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Auto Enrolment is compulsory: This means that if a business does not have an Auto Enrolment scheme in place by the first payroll date, the company could be fined. To avoid this scenario, we advise that the Auto Enrolment process is started 9-12 months before the staging date.
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