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 Director Workplace Pension?
The simple answer is no, however you will still have to notify The Pensions Regulator (TPR).
Automatic enrolment duties don’t apply when a company or individual are not considered an employer.
Directors Workplace Pension
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).
Complete the return form online.
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.
Directors pensions looks at the retirement options open to people who are directors of businesses
Directors live right in the middle of the swirling cacophony of the daily functioning of a business. From high level strategy to the more mundane aspects of running a company, the demands on a person’s time, energy and concentration can be high. It is perhaps unsurprising then that many directors expect to be rewarded for their efforts with a healthy income in retirement.
Without active interest and participation, however, this is not always the case.
To some extent, the reluctance of many people to pour money into a pension was understandable as many pensions were inflexible and did not offer value for money. However, thanks to the recent pension reforms and options such as stakeholder pensions introduced in the last few years, those retiring in the future could have much brighter prospects. This is particularly true for directors of companies.