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More than one million businesses will need to meet their automatic enrolment duties in 2017.This means that pension providers are going to be ‘inundated’ with new company pension scheme applications so businesses should lock in the terms as soon as possible.
I’d always go over and above – educate your staff and make them feel as if they want to be part of their pension planning, and let them know that you too are contributing to their pension and playing your part.
It is important to seek the right levels of support for setting up your employees’ workplace pension scheme.
During the first quarter of 2017, the automatic enrolment legislation will step up a gear as more than 1 million small businesses will need to meet their automatic enrolment duties.
And so with a busy time ahead, we asked Caroline Bateman of Enrolsme to offer her tips on how small business can set up an auto enrolment pension scheme in 2017, ‘stress free’; The first thing an employer needs to understand is the definition of earnings; which earnings will be included in the pensionable salary and – more importantly – which are not.
There are three different definitions of earnings: Many small businesses are opting to enrol employees on to an auto enrolment pension based on total pay.
The sooner an employer can make the decision as to which provider to go with, the better.
At the end of the day, an employer that doesn’t need to stage until 2017 could set up as early as they want.
Complete the forms now and then put your workers into a workplace pension at the right time.
Find out how much State Pension you could get and when you can get it.
Use the Money Advice Service’s pension calculator to get an estimate of your income when you retire and the ways you can increase it.