Auto Enrolment Oxted
If you own/run a business in the Oxted area, whether you are a hairdresser, an architect, in the trades or the construction industry or employ a personal care assistant, if you employ at least one person you are an employer and you have certain legal duties. You will probably have heard of auto enrolment and your duty is to ensure all eligible employees are members of a workplace pension scheme. You will probably also know your pension scheme is required to meet certain standards, one of which is that the Employer will make contributions, as well as arranging for having contributions deducted from your employees’ pay.
Organising this piece of compliance, especially when it comes to setting up your pension scheme and ensuring all workers are assessed for their eligibility for auto enrolment, may seem daunting. Another aspect you’ll need to manage carefully is the minimum payments you and your staff members need to make.
How much you need to pay in
As an employer, your contributions to each staff member’s pension is based on their earnings. For any worker who earns more than £10,000, there’s a minimum level of contribution you’ll need to make. If any worker earns less than this you don’t have to make a minimum contribution, but you can choose to.
How much your workers need to pay in
Your staff members will need to contribute 5% of their qualifying earnings. The Employers contribution will be 3% of the employees qualified earnings bringing minimum contributions to a total 8%.
Assessing non-eligible jobholders, eligible jobholders or entitled jobholders, and getting them enrolled onto Auto-enrolment isn’t always straightforward, which is why we are encouraging Oxted employers to choose to use the services of Bookkeeping Synergy to help them with all aspects of setting up , running and maintaining their pension scheme.