Companies To Provide Mandatory Pension Schemes from 1 October 2012

New legislation requiring UK companies to provide mandatory pension schemes for their employees will commence tomorrow. All companies above a required threshold must provide a company pension scheme for employees for which all new employees will be auto enrolled to the scheme. Auto enrolment is mandatory for all eligible employees although an employee may opt out of the scheme if they choose to do so. 

If your business has not yet set up a company pension scheme, Belsize Accountancy are happy to recommend our preferred providers to our clients. All companies will be required to provide an employee share scheme in the future and are advised to explore this in good time. UK contractors with a sole director will not be affected by the new pension requirements at this time but may find it tax efficient to set up a company pension scheme. Feel free to contact our advisors for details.