In October 2012 radical pension reforms were introduced in the UK. They impact UK employers of all sizes and by 2018 all employers must comply and ensure that their employees can become members of ‘an automatic enrolment pension scheme’.
With fines imposed to date of up to £10,000 per day for non-compliance, it is essential that you plan well ahead of time to ensure you have both the necessary budget and processes in place to meet the complex requirements of the legislation.
Compulsory employer contributions are required. They start at 1% per annum of pensionable earnings, rising to 2% and 3% in subsequent years, adding a considerable amount to your total employment costs which needs to be planned for.
Compulsory Pension Changes for UK Companies — What do I need to do?
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