Pension Enrolment
Pension Auto Enrolment
We’re passionate about helping business owners and leaders to achieve their dreams and aspirations.
Employers now have a duty to auto-enrol their staff in a workplace pension. Even if you have just one employee, paid below the PAYE threshold, you must offer a pension.
Our payroll processing services takes care of assessing your staff, working out the contributions and generating data for your pension company. The assessment happens automatically during every pay run and you are prompted if you need to do anything.
Our Payroll process will send pensions data directly to NEST or to Smart Pension.
How much will be taken from my wages?
If you’ve been automatically enrolled then there are minimum levels for you and your employer to pay into your account, these are based on a percentage of your pay.
Your employer may have decided to contribute more than the minimum. If they do they’ll let you know when they tell you you’re being enrolled. If you’re unsure how much will be taken from your pay you can always check your pay slip or speak to your employer for more information.
What is the annual allowance?
The annual allowance is the maximum amount that can be contributed to any pension scheme with the benefit of tax relief. Tax implications may apply if the allowance is exceeded. The annual allowance for the tax year 2022/2023 is £40,000. However, if you are a high earner with annual earnings above a certain amount, your annual allowance for that tax year may reduce on a tapered basis to a minimum of £4,000. This is known as the Tapered Annual Allowance
