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Pensions?


marley
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Hi

Is it a legal requirment that if you have 5 or more employees that you have to offer pension? I dont mean employers have to pay into one but that they have to have one set up for employees should thye wish to pay into one?

 

Anyone offer one? How did you set it up?

 

School club has 5 staff and we dont yet do it and mt pre-school has 20 staff and doesnt do it>

 

Thanks!

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if requested you would be required to offer it (i think thats the rule!) however we have been advised to try and wait till next year because all the pension rules are changing and so whatever you set have set up will need to be changed again. to set up you need to use a pension scheme like scottish widows offer..i believe the info is online... good luck

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Guest jenpercy

When I originally asked no one wanted one. Not sure whether you had to have one prepared BUT from next year it will be compulsory for employers to put 3% of salary into pension fund - whether or not staff wish to contribute. For a lot of staff this will have to do insetad of a pay rise, which will mean they will lose disposable income which won't be popular - ANd if you give them the rise as well as pension contribution, this will increase what you have to pay to pension

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When I originally asked no one wanted one. Not sure whether you had to have one prepared BUT from next year it will be compulsory for employers to put 3% of salary into pension fund - whether or not staff wish to contribute. For a lot of staff this will have to do insetad of a pay rise, which will mean they will lose disposable income which won't be popular - ANd if you give them the rise as well as pension contribution, this will increase what you have to pay to pension

Hi there, I wonder if you could point me in the direction of this info please? I'd like to take it in and show my treasurer to prepare her :)

Thanks

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we too asked when this was brought in but with wages so low it was quite a lot to lose each month.. so we had paperwork for something but never used it... cannot remember who with but it sat there

 

When the wages are so low another deduction is not good.

 

all sounds good doesn't it.. everyone will have a private pension fund.. which is a bonus, but where the money comes from and costs to small business is lost a bit... along with the fact that many settings are funded almost completely by the Education Grant which limits income, along with everything else increasing.. nothing seems to balance any more.

 

Increases in minimum wage, holiday entitlement, nat Ins ( employers contribution) and now pensions - income static or dropping in some cases.. along with increased running costs on everything makes me wonder how many places will end up closing even if they are busy

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I think the pension that is supposed to come into effect next year is for staff earning over a certain amount a year, only 3 of our staff will have to pay 5% of earnings + 3% from employer into it because others dont do enough hours or earn enough but apparently will end up with same pension as the ones that will have to contribute to their own..........another unfair system then

:o

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Note the changes to the pension regulations are being phased in from 2012, with small business last to go "live". Also the date of implementation depends on your tax office. Loads of info available online, including the rebranded NEST scheme.

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we have had a scheme set up with virgin for the last 5 years but I am the only one who pays into it - it's offered to the staff but none have chosen to take it up, I only did it because I had one with my previous employer and transferred it over( they used to pay into it as well). I will have to look into the changes due as wasn't aware of this ( assume virgin would have told me eventually ! ) :o

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