Auto Enrolment Pension Scheme for Contractors

Contractor Pensions

Whether or not the Directors and / or employees are obliged to form part of Auto Enrolment, the message from both Government and the pensions industry is clear – it is essential that people invest in their own futures to ensure that they have adequate provision for retirement.

Whilst Auto-Enrolment does not necessarily affect you and your business, it does serve to remind us all how important saving for the future is, as the state is unlikely to be able to provide a sufficient income for future generations reaching retirement age.

The good news is that pensions offer one of the few remaining non-contentious tax breaks and could help to substantially reduce your corporation or personal tax bills today, whilst providing a renewed level of flexibility when it is time to access the funds post Budget 2014.

Readers are advised to take professional advice and / or research the subject more fully to ensure that their own particular circumstances are taken fully into account.

Companies with one or more Directors (with no contract of employment) and no Employees

Auto Enrolment does not apply. The company may still receive a ‘staging date notice’ but should simply contact the Pension Regulator and remove the company from the list.

Companies with Employees

Auto Enrolment will apply to any company with ‘Eligible Jobholders’ i.e. employees who:

 

For employees who earn less than £10,000 per annum:

 

Checking Your ‘STAGING DATE’

If your company will be affected by Auto Enrolment, you will need to establish its ‘Staging Date’.

To take advantage of the new pension rules or for professional advice, please fill in the Request a Call Back form on this page or simply write to us at [email protected]

The value of investments may fall as well as rise and past performance is not a guide to future returns. Financial advice is given by Contractor Financials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Conduct Authority.

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