From 1st November 2013 we’ll be auto-enrolling our PAYE workforce into our pension scheme in accordance with the pensions legislation. We’ll be communicating with all contractors both existing and as new contractors join us to explain their rights and what the impact of the legislation will be on their weekly pay and future pension pot.
Our ‘pensions in a nutshell’ summary is below, if you’d like further information please give us a call on 01244 500195 and we’ll be happy to help.
All PAYE contractors who are working for us on 1st November will be automatically deferred for three months meaning they will be included in the pension scheme from February 2014.
These PAYE contractors will be able to opt-out of the pension at that point if they wish to, no one is forced into the scheme against their will.
These PAYE contractors can also be included in the pension before February 2014 if they wish to.
All new PAYE contractors joining us from 1st November onwards will be automatically deferred for three months from their start date but will still have the two options above available to them.
Once in the scheme 2% of their Gross Pay will be paid into the pension scheme
We will be controlling all communication with our PAYE contractors and looking to help them make the right choice and ensure it is administered quickly and correctly for them.
Exchequer Solutions – The Right Solution for you.
