Small companies need to enrol staff with pension scheme

1 June 2015

pensions If you work for a small businesses that has less than 30 staff, then your work are being asked to enrol all staff in a company pension scheme from today.

These new regulations cover businesses that employ anyone over the age of 22 who earns more than £10,000 a year. That includes people who have only one member of staff, such as those who employee a carer or a nanny.

This is all part of the Government's automatic enrolment scheme, and by the close of October 2017, it is thought that as many as 1.3 million small businesses will be signed up, giving 10 million workers a pension they didn't think they'd get.

Of course, this could be rather tricky for some employers, but companies should heed this warning, as they could be fined for ignoring their auto-enrolment obligations.

It is great news for staff though, who will now be entitled to a pension, even if they're the sole employee at their place of work.

TOPICS:   Banking   Government

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