If you are an employer you are now legally required to enroll your eligible employees into a qualifying pension scheme.
This reform is staged over a six-year period, and is phased depending on the size of the employer.
Minimum contributions are based on what’s known as ‘qualifying earnings’. For 2016/17, this is everything over £5,824 and up to £43,000. The qualifying earnings band will be reviewed by the government every year.
If you don’t comply, you will face enforcement action which may start from penalty notices to a court action.
If you need any help or advice, please get in touch.
