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A happy employee is the most important asset your business has. When they know you’re looking after them, they look after you. 47% of employers say budget is their biggest barrier to improving employee engagement levels (according to a June survey of HR decision-makers). With businesses truly needing to achieve more with less, helping staff...
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Employer workplace pension contributions during COVID
The details of the changes to the Coronavirus Job Retention Scheme have been announced, including the below changes regarding workplace pensions: Employer contributions for furloughed workers Furlough pay will remain capped at 80% of salary or wages up to £2,500. Currently, grants under the Government’s Job Retention Scheme cover costs relating to employment, of up...
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Workplace pensions 2020-21 tax year update
The 2020-21 tax year is starting on the 6th of April. See below an update on the key changes regarding workplace pensions: Earnings Thresholds This change only applies to schemes where contributions are calculated on a Qualifying Earnings basis From the 6th of April 2020, the lower level of the Qualifying earnings band will increase...
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With coronavirus having such an impact on company operations, The Pensions Regulator has issued guidance on handling workplace pensions amid the disruption. Here’s what employers need to know – about complying with their obligations and supporting staff. Pension contributions must continue – unless the employee opts out Employers are still required to contribute at least...
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Re-enrolment
On a rolling 3 yearly-basis from your staging date or duties start date, employers need to re-assess workers who: Opted out of the workplace pensionLeft the pension scheme after the opt-out periodReduced their contributions to below the minimum level Any worker who meets the assessment criteria for auto enrolment has to be re-enrolled back into...
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Auto-enrolment postponement
As small businesses are drawn into auto-enrolment and beginning to appreciate the responsibilities involved, there can be a temptation to explore ways to delay or postpone your workplace pension obligations. This isn’t surprising. Almost overnight, employers have been asked to become pension experts. The scale of the auto-enrolment task can seem overwhelming at first, so...
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Don't let your payroll software dictate your workplace pension choices
Auto-enrolment should be win-win: There will be 1.8 million employers setting up and contributing to pension schemes for the future financial security of 5.5 million people – resulting in a new £17.5 billion pool of investable assets for the UK’s economy.  Smiles all round, right? Unfortunately, we have a way to go – because inflexible...
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What employers need to know about Auto-Enrolment fines
The Pensions Regulator (TPR) recently announced that it has fined 40,000+ companies over auto-enrolment failures. The scale of action shows that auto-enrolment compliance has been more complex than many companies anticipated, with even well-intentioned organisations feeling the brunt of TPR’s scrutiny. As a result, many companies are unknowingly and unnecessarily exposed to risk – and management teams...
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Accountants fined for AE
When we talk to accountants about auto-enrolment (AE) obligations, one of the common things they say is: “The client is ultimately responsible for AE compliance, not us or payroll.” Yes – it is the employer’s legal obligation to provide staff with a compliant workplace pension scheme. However, The Pensions Regulator (TPR) is recognising the role...
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Pension allowance
“How much should I pay into my pension?” It’s a common question from freelancers and contractors, especially because when you’re self-employed, you value financial flexibility. Yes, you want to plan for retirement, but you also don’t want to lock away so much that day-to-day life and business management become tricky. This article explains pension allowances...
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