Property News · October 9, 2017

Auto-enrolment means you must now set up a pension for your nanny or carer


The grace period is over – if someone works for you, you are a micro-employer, and if you pay them more than a certain amount, you must set up a schemeIt was five years ago this month that the government kicked off a huge shakeup of retirement saving to get millions more people paying into a pension. So far, “automatic enrolment” is looking like a big success – but the phasing-in period is now officially over, with new rules taking effect last weekend that will impact people who set up a new business, take on a nanny or pay for a carer.Auto-enrolment went live on 1 October 2012 and requires all employers to automatically enrol eligible workers into a workplace pension where both the worker and their employer pay some money in. To date, more than 8.5 million people have been enrolled, many of whom will never have saved in a pension before. Workers can “opt out”, ie, say no to being put into the pension scheme. But they can’t do so until after they have been enrolled. Continue reading…

Source : theguardian.com
Read more…Auto-enrolment means you must now set up a pension for your nanny or carer

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