The old saying was there was only two things that you couldn't avoid, death and taxes. For Company Directors to that we can now add, and auto-enrolment (A-E) pensions.
All companies irrespective of size are required by law to offer a pension scheme to their employees. This applies equally to one person owner director companies and to UK based multi-nationals. All employees, depending on age and earnings, will either qualify for the A-E pension or will be allowed to join voluntarily. The big difference between A-E and the previous workplace pension initiative is that with A-E qualifying employees are automatically enrolled and have to opt out if they do not wish to have a pension.
In the past couple of years most of the larger and medium sized companies have already gone through the A-E process. This year the focus falls on the smaller companies. The Pension Regulator will write to you telling you your staging date (start date).
The process although fairly simple can be both daunting and time consuming for the first time adopter. As it was for Accountibbleity when we did our first one. There is also a compliance process to complete with the Pensions Regulator (PR) The PR has legal powers to ensure that you meet your statutory obligations and has a full range of punishments to ensure compliance.
Accountibbleity can assist you through the A-E and compliance processes, or manage the process for you.