It is important for every company to know their auto-enrolment duties from 1st October 2017. Firms recruiting staff for the first time after this date will need to enrol them into a workplace pension automatically to be compliant with the new laws.
One question we get asked a lot in relation to the Workplace Pension rules is, I am a company Director with NO employees, do I need a DirectorWorkplace Pension?
The simple answer is no, however you will still have to notify The Pensions Regulator (TPR).
Directors Workplace Pension
Automatic enrolment duties don’t apply when a company or individual are not considered an employer.
You won’t have any duties if you meet one of the following criteria:
You’re a sole director company, with no other staff
Your company has a number of directors, none of whom has an employment contract
Your company has a number of directors, only one of whom has an employment contract
Your company has ceased trading
Your company has gone into liquidation
Your company has been dissolved
You no longer employ people in your home (cleaners, nannies, personal care assistants, etc).
If you are not setting up a Workplace Pension for yourself, then talk to Assured Wealth IFA Warrington about other tax efficient way’s of saving for your retirement. Book a FREE review today with a Warrington corporate financial adviser.
