In October 2012, the Government introduced workplace pension reforms known as auto enrolment which over the course of a phasing in period require all employers to auto-enrol all eligible employees into a Qualifying Workplace Pension Scheme.
As a company director or business owner, it is your obligation to understand what a Qualifying Scheme is, the process involved, how it works, and what duties and obligations you must comply with.
Since April 2019, employer contributions have been a minimum of 3%, and member contributions are at least 5% (this includes 1% rate tax relief), making a total of 8%.
I can help you understand the issues and requirements of workplace pensions and offer guidance to ensure your business complies with the rules.
The value of a pension will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.