As an employer you have a responsibility to your staff to provide a workplace pension, even if your staff is just one person. You should already have this in place, and the chances are you do, most businesses have already “staged” by the time of writing.
The implementation of a workplace pension is just the start however, and as an employer you have a number of ongoing duties. For example, at all times you need to be monitoring the ages and earnings of your staff as there are thresholds to be met for both.
Whilst there are staff who must be automatically enrolled in your pension, there are some staff who don’t qualify for auto-enrolment that are entitled to request to join your scheme. Staff are also allowed to opt-out of a pension scheme and this needs to be monitored.
You are also required by law to keep records documenting that you have met your duties. These records need to be maintained and available should they be requested by The Pensions Regulator.
In April 2018 the contributions that both you and your staff make into the pension scheme are due to increase and it is part of your responsibility to ensure this is implemented, and whilst there is no legal obligation on your part to inform your staff of the increase, it is recommended that you do write to them to let them know. You also need to make sure that your payroll system is ready to make the changes.
All of the above are areas that Lovewell Blake and Lovewell Blake Financial Planning are able to help you. We have a dedicated payroll bureau
that can help you by taking on the administration of your payroll as well as a team to help you service your workplace pension.