Ensuring compliance with pension scheme regulations is crucial for businesses in the UK. We specialise in guiding companies through the complexities of pension scheme compliance, ensuring adherence to legal obligations and avoiding potential penalties.
Key Aspects of Pension Scheme Compliance:
- Automatic Enrolment: Employers must automatically enroll eligible employees into a workplace pension scheme and make contributions on their behalf. This process is regulated by The Pensions Regulator (TPR) to ensure all qualifying employees are enrolled appropriately.
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Minimum Employer Contributions: Employers are required to contribute a minimum percentage of an employee’s earnings into their pension scheme. As of April 2019, the minimum employer contribution is 3%, with the total minimum contribution (including employee contributions) being 8%.
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Declaration of Compliance: Employers must complete a declaration of compliance to inform TPR how they have met their automatic enrolment duties. This declaration is a legal requirement and must be completed within five months of the start of the employer’s duties.
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Ongoing Duties: Maintaining compliance involves continuous duties, such as monitoring the ages and earnings of staff, enrolling eligible employees, and managing requests to join or leave the pension scheme. Regularly updating records and ensuring timely contributions are essential to remain compliant.
How We Can Assist:
- Comprehensive Compliance Support: We provide end-to-end assistance in setting up and managing workplace pension schemes, ensuring all regulatory requirements are met.
- Employee Communication: Our team helps in drafting clear communications to inform employees about their rights and options regarding pension enrolment.
- Regular Compliance Audits: We conduct periodic reviews to ensure ongoing adherence to pension regulations, minimizing the risk of non-compliance.
- Training and Updates: Stay informed about the latest changes in pension laws and regulations through our training sessions and updates, ensuring your business remains compliant.
Navigating pension scheme compliance can be complex, but with Malik AccounTax Ltd, you can be confident that your business is meeting all legal obligations efficiently.
