You may already be aware that the legislation surrounding pensions changed from October 2012.
The government has introduced new legislation to make it easier for people to save for their retirement. It requires all employers to automatically enrol their workers into a qualifying workplace scheme if they are not already in one. Automatic enrolment came into effect on 1st October 2012 and will be introduced gradually over the next five years with a number of different staging dates, which are based on the employer's size.
Please see below how this will impact you depending on which PayStream service you are using:
- My Max: As a PayStream My Max employee our staging dates for auto enrolment start from August 2013. We will update you with our preferred pension provider and how this change will impact you closer to that time.
- My CIS: Our construction industry contractors are excluded from the pension changes due to their self-employed status, although PayStream are proud to announce a new partnership with Contractor Financials Ltd who offer independent financial advice specifically geared towards contractors. Find out more about setting up your own pension plan by simply call us on 0800 197 6516 (option 1) or email Contractor Financials direct at email@example.com.
- My PSC: As a PSC Customer you are a director of your own limited company and typically the company will have only 1 employee. Due to the small number of employees in your company, the auto enrolment will not begin until sometime between 1 November 2015 and 1 February 2018. There are benefits however in choosing to set up a company pension and your dedicated accounts team will be happy to discuss these in detail with you.
As always if you do have any concerns please do not hesitate to contact us or you can view more information on the legislation here.