All employers with 30 or fewer employees are now required to offer a workplace pension scheme. The only exception to this rule is for companies run by Director(s) and have no other employees on the payroll. Both the employer and employee need to make contributions to a pension scheme. There is currently a minimum employer contribution of 3%, but employers can opt to make a higher contribution.  Employees must also make contributions which are part funded by tax relief. Since 6 April 2019, total contributions must reach a minimum of 8%: 3% from the employer, 4% from the employee and an additional 1% tax relief.

The regulations around workplace pensions can be complicated. It can also be difficult to choose an appropriate pension provider. It’s easy to fall foul of the legislation, which is why it’s strongly recommended that you take professional advice regarding your own business pension provision for employees.

At Kalirai & Co., we can provide tailored advice and support to ensure that your workplace pension scheme is cost-effective and compliant.