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Tax relief Getting tax relief means that you will get income tax back on your pension contributions. When you get tax relief on your pension, some of the money that you would have paid in tax goes into your pension pot instead. Pension tax relief is equivalent to: 20% of the total contributions for basic rate taxpayers...
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What employers need to know about Auto-Enrolment fines
Auto-Enrolment for workplace pensions  For those that are setting up a workplace pension for employees, managing a workplace pension, or making general amendments to the scheme for their workforce, it can be a very confusing process. Fulfilling Automatic Enrolment criteria can be a drain on staff resources, but that’s where we are here to help. ...
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An introduction to workplace pensions  In a nutshell, workplace pensions are designed to help workers in the UK save more money for retirement. A successful workplace pension encourages greater financial freedom when an individual decides to leave the workplace.  In most cases, a percentage of salary is automatically placed into a pension scheme every payday,...
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workers missing pensions
According to the auto-enrolment (AE) legislation, eligible employees have to be enrolled in a workplace pension scheme. However, according to research published by The Resolution Foundation, 3% of those employees have fallen through the cracks… not because they’ve opted out, but because they’re not enrolled the way they should be. 3% sounds like a small...
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Job Support Scheme - 2020
The new Job Support Scheme (JSS) will replace the existing Job Retention scheme. Furlough scheme extended The new JSS was supposed to start on the 1st of November. However, the Government announced an extension of the existing Coronavirus Job Retention Scheme (CJRS) – also known as the Furlough Scheme – until December. Employees will receive...
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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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