A Stronger Initiative to Saving
What is a workplace pension? How can deduction from my wages be beneficial for me? For everyone (be it employer or employee) who’s wondering how a workplace pension can benefit you, let us break down this process and show you how Goodhams Accounting can help you secure your financial future better.
Workplace Pension is a savings scheme for people employed under an organization where the contributions deducted from your wage would add up as savings in your book. Based on the company policy, your organization too might contribute to your savings and this form of pension is often known as work-based, company, or occupational pension!
Now we come to the main question, how can Goodhams help you with your workplace pension scheme?
If you’re even employing 1 individual under you, you’ll be considered an employer and based on the Pensions ACT of 2008, every employer should enroll his/her employee/employees under the pension scheme and make contributions accordingly. This is what the Government Call automatic enrolment.
As employees, the workplace pension scheme can work out great for your saving plans. On enrollment, the process automatically deducts a section of your wage and combines that with the employer’s contribution which then gets added to your future savings. However, here’s 4 things an employee should keep in mind-
- Your place of work should be the UK
- You should be at least 22 years old or should qualify under the State Pension age
- You should earn more than £10,000 in a year
The Goodhams Way
As an employer, while you busy yourself with operations and accounts, we at Goodhams Accounting can help you with transparent knowledge on the rules, law, and legal methods concerning enrolment, pension contribution, and more.
As for employees, Goodhams can help you understand if you qualify for the workplace pension scheme and help you get your financial affairs in order with your company to make this process effortless for you.
Need more help or advice on workplace pension? We are here to help you! Just reach out to us with your query and we’ll get back to you in no time.