Payroll Advice: Am I Eligible for Automatic Pension Enrolment

Royds Accountancy

Accountants in Eltham
43 Lovelace Green,
Eltham, London,
SE9 1LG
UK
Phone: 020 3488 0529

 

The UK Automatic Pension Enrolment

Under the Pensions Act of 2008 in the UK, each employer in the UK has to include certain staff members and employees in a pension scheme. The employer also has to contribute towards the plan along with the employee.

It does not matter if you are a hairdresser, a barber, a solicitor or a manager, if you as an employer have just one worker, you must participate.

The purpose of this program is to involve more people in taking care of, and having assistance in setting more money back for their retirement. It was surmised that more and more people were not planning ahead for the eventuality that someday they would have to stop working and there would be nothing there in the way of retirement money.

So the UK Automatic Pension Enrolment was established, and by 2018, all employers and eligible workers must participate.

The minimum amount of money that the employer must contribute is at least 1% of wages, with the employee contributing as well. The employee’s portion of the contribution must be withheld from his or her pay and submitted by the employer as well. Payments are due by the 22nd of the following month, if the payroll is automatic, or by the 19th of the month if the payment is made by cheque.

Now workers can have a sense of security for the time when they will be unable to work due to their older age. There will be funds laid aside for the purpose of assisting them in their retirement years.

As an employer, the staging date set down by the law, is April 1 of 2012, and that was the date that the automatic pension enrolment rules went into effect. The employer must keep up-to-date records as to who is participating among his or her employees, their names, amounts contributed and the dates.

 

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Employers will receive their PAYE reference materials to learn of all the details of their responsibilities. They will each be given a PAYE reference number for identification, which can be used to address any questions or concerns with the regulators of the program.

If for some reason an employer fails to comply with the provisions of the law, then enforcement actions will be taken, and there can be penalties, and even court action taken.

The overall approach, however is to educate and assist employers in this process, as it is assumed that employers will want to do the correct thing in getting the scheme properly launched and in effect for their employees. Once the employers understand the process, it will be very easy to comply and to participate.

In order to make the process easier, there is a sophisticated on-line process for gaining information as well as enrolling, and maintaining an up-to-date operation of the scheme. The process is through the Government Gateway department and everything is laid out and explained on the website.

There are extensive explanations and help guides online so that there should be no problems in respect to understanding and being able implement the program. As far as payroll London is concerned, your employer should know how auto enrolment affects payroll and employee wages.

 

Valuable Accounting Advice To Help With Starting A New Company In Essex

C&C Accountancy and Taxation Services
Accountants in Essex
88 North Street,
Hornchurch, Essex
RM11 1SR
UK
Phone: 01708 471442

Setting Up A New Company

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