Provided by KPMG Small Business Accounting.
The law on workplace pensions has changed. Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called ‘automatic enrolment’. Whether you’re a hairdresser, an architect or employ a personal care assistant, if you employ at least one person you are an employer and you have certain legal duties. There are seven basic steps that an employer needs to take to comply with the auto enrolment pension regulations:
- Know your staging date
- Assess your workforce
- Review your pension arrangements
- Communicate the changes to all
- Automatically enrol your ‘eligible jobholders’
- Register with the Pensions Regulator
- Contribute to your workers’ pensions
