Contributions to Increase again in April 2019!
Minimum Contributions are increasing again in April 2019. The Pension Regulator refers to these statutory increases to funding levels as “phasing”. The first of these phasing changes have already occurred, which resulted in contributions increasing in April of this year to the current minimum funding levels of 2% for employers and 2.4% for employees with 0.6% provided by the government in the form of tax relief.
The second phasing change is due to be applied on the 6th April 2019, when contributions will increase again to 3% for employers, 4% for employees, and 1% tax relief provided by the government. It is an employer’s responsibility to ensure that these increases are correctly applied and the support team here at AutoEnrollMe will, of course, be on hand to support you through these changes. We are already working on adapting our software to facilitate these changes through our employers’ portals.
Now is the time to prepare your communications so that you can inform your workforce of the changes.
Here at AutoEnrollMe, we can assist with our template letter which will be available to download from our website shortly. We will also provide more information about this in our future Newsletters.
Employee Wellness is again in the News
For many small businesses, employee wellness is often restricted to ensuring you have a trained first aider on site – but research shows that stress, for example, is the number one cause for employee absence.
Absenteeism just isn’t good for business and as a small business, the loss of key members of staff for extended periods can be challenging. Of course, large corporates with deeper pockets have become increasingly aware of this issue in their workplace and there are a growing number of companies adopting a wellness policy and designing benefit packages to tackle this problem.
Through AutoEnrollMe’s recently introduced benefits package, our clients are now empowered to leap ahead in tackling this problem while at the same time doing something positive to build a happy and engaged workforce. Using leading technology, it is now possible to provide your own company-branded employee portal, accessible from smartphones and tablets, allowing you to provide a whole range of benefits formerly only available from large corporates:
- Online Doctor and Pharmacy
- Fitness and wellbeing
- Helpline and Support Discount Portal
- Local retail offers
- ePayslips and Pension Pots
- Financial Adviser
To find out more, download our brochure here or request a call back.
Winter is Coming and so is Christmas!
With “snow on northern hills” and Christmas now in our shops, you may be thinking about your annual Christmas Party. HMRC are very happy to help make this a memorable occasion by offering firms a £150/employee exemption – but do seek professional advice from your accountant as HMRC have laid down some rules that need to be observed. Get it wrong and you may need to pay NICs and report costs on individual employee P11D, but get it right and you will be able to promote festive spirit and wellbeing to your employees with HMRC playing Santa.
Lands End to John O’Groats – Wendy did it!
Readers of our newsletters will be aware that our Finance Director accepted the challenge to ride her bike from Land’s End to John O’Groats in support of Sarcoma Cancer UK.
We are pleased to advise that the challenge was completed successfully and Wendy would like to thank her supporters and sponsors.
The family have raised just over £18 000 in support of Sarcoma Cancer UK.