Chichester Bookkeeper

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Want to know more about Auto Enrolment, call to discuss

Don't be late in starting the registration process, or the Regulator Monster will come knocking!

We use MoneySoft Payroll to integrate with the leading Pension providers and is RTI compliant.

What does Auto Enrolment mean for your business?

 

You must set up a company pension scheme for your employees and pay into it.

You will be told when it must start, you will get a letter from the Pension Regulator stating your “Staging Date” of your pension.

When you get this letter contract your payroll provider as getting the pension set up and the employees assessment will take time!

The regulator as powered to fine you if you don’t; set it up, mange it correctly and don’t pay the contributions on time.  The fines can be large!

Both you and your employees will be contributing into the Pension.

The amount you pay is regulated by the pension regulator and the date the pension is running.

Below are the latest dates and rates the employer and employee must pay.  The contribution rate increase over time.

Up to Employer minimum Employee minimum
5th April 2018 1% 1%
5th April 2019 2% 2%
From the 6th April 2019 3% 5%

Every employer running PAYE must put certain staff into a company pension scheme and you need to contribute towards it.

To get the ball rolling you must select a pension provider, e.g. NOW and set your scheme up.  Once running all employees as assessment for eligibility to be added to the pension scheme.

 

How employees are added is based on their earning and age.

If your Employee earns over £10,000 and between 22 and state pension age they are automatically enrolled and you must contribute to their pension. 

If they earn £5,824 but less than the £10,000 they are not enrolled automatically but they can choose to “Opt In” and you will also they have to contribute to the pension.

If you employee earns less that the £5,824, they can Opt in, and its up to you whether you contribute as well to their pension.

Employees can choose to Opt out if they wish but will automatically enrolled every 3 years.

Pension Providers

There are several providers offer Auto Enrolment pensions.

We sure NEST and NOW.

We are happy to discuss which provider would be the best for you.

Your pension will be regulated by The Pension Regulator.

More Auto Enrolment information

Pension Regulator Duties

What you need to do - Duties Checker

This will give you your staging date, this is when you pension must start

You will need you Letter code, it will come from the Pension Regulator.  If you can find it click her to get it.

You will now see what you need to do to be compliant with the regulations.  we can now help you and take over the burden of setting the pension up.  the cost of setting up your pension starts at £149.00.

We can migrate your payroll over to us to ensure they are sink.  Our payroll software works with all the leading pension providers and monthly payroll run start at £25.00 per month.

 

 

 

Cloud Bookkeepers and Accountants since 2009!

 

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B4Bookkeeping Ltd

Tel : 01243 201 401

  1 Lincoln House, Chichester Fields, Tangmere, Chichester, West Sussex, PO20 2FS
Company Reg Number : 9151684. VAT Reg Number: 192 380 988. MLR Reg : 12847995

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