06 Sep 2017
Automatic enrolment for workplace pensions was instigated to encourage employees to start making provision for their retirement with employers also contributing to make a larger pension pot.
The timetable for employers to begin enrolling their staff started with the UK’s largest businesses in 2012, followed by medium, and then small and micro companies. By the end of March this year over 7 million workers had been automatically enrolled into a workplace pension, it is expected that all employers will be part of the scheme by the end of February next year.
In the annual report published by The Pensions Regulator (TPR) new figures have revealed that between April 2016 and March 2017 the TPR used their formal powers on 50,068 occasions, a 41,256 increase on the number of powers used in 2015-16. This included the issue of over 33,000 compliance notices, over 12,000 fixed penalty notices and 2,527 escalating penalty notices. The TPR was clear that a lot of this increase was due to more small and micro employers coming on board, and that in most cases the majority of employers subsequently comply when reminded of their duties.
The law states that employers (after their staging date) must automatically enrol workers into a workplace pension if they are aged between 22 and State Pension Age, earn more than minimum earning threshold, work in the UK and are not already a member of a qualifying work pension scheme.
Both the employer and employee need to make contributions to a pension scheme. By 6 April 2019, contributions in total will be a minimum 8%: 3% from the employer, 4% from the employee and an additional 1% in tax relief.
If your business staging date is coming up we would urge you to ensure that you are properly prepared. We can help, please call if you need assistance with the set-up process.
For more information on this, any of our other services or for a free, no obligation consultationSend us a Message
3, The Courtyard
Timothy's Bridge Road,
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Grenfell has a broad range of experience and knowledge, working with clients from many different industry sectors. Grenfell is also the senior audit partner in the practice.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Having started his training in industry, Mark qualified in 2006 and joined Grenfell James in 2010. He works as a client manager with a diverse portfolio of clients, with specialist knowledge of the medical profession. Mark is also an Audit manager in the practice.
Audit and Client Manager FCCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
NPD Design Consultants Ltd
Mckechnies independent tea and coffee bar.
Mr I Cameron
Dean. Wootton IT
Roy Ferguson. The Perfect Cosmetics Company.
Regent Square Estates
Paul Stanley. A S Contracts Ltd.
Proco Coatings & Laminates
Mr J McCarthy
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