Sleek v2.0 public release is here
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What has changed in our latest release?
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All new features available for all public channel users
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Coding collaboration with over 200 users at once
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Real-time code save every 0.1 seconds
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What is an Auto-Enrolment Pension?
In 2012, the government recognized that retirement savings were inadequate among the UK population and introduced the concept of auto-enrolment to tackle this issue.
In simple terms, this scheme mandates that UK companies include all eligible employees in a pension plan. Both the employer and employee make contributions based on a percentage of the employee's salary during each payroll cycle. Employees do have the option to opt out if they prefer to handle their retirement savings independently.
Employers were assigned a "staging date" by which they were required to start enrolling eligible workers in the scheme. This date depended on the number of employees they had on the payroll in April 2012. The goal was to have all companies operating under this scheme by October 2018.
Eligibility for Auto-Enrolment Pension
Employees meeting the following criteria will be automatically enrolled:
- Age between 22 and below the state pension age
- Earning an annual income exceeding £10,000
- Primarily working in the UK
As an employee of Borderless Payroll, your eligibility for the pension scheme will be determined based on these criteria.
Impact on Recruiters
Auto-enrolment holds significant importance for recruiters who engage with temporary workers on a Pay As You Earn (PAYE) basis. Recruiters bear the responsibility of enrolling these workers into a suitable pension scheme.
However, assistance is available to ease the burden.
How Can Borderless Payroll Assist?
If you choose a compliant umbrella company like Borderless Payroll, you're in luck. These providers act as genuine employers and are responsible for administering the workplace pension scheme, eliminating any concerns on your part.
When you become part of Borderless Payroll, you will automatically be enrolled in the company pension scheme. All contributions towards your pension will be made on your behalf.
For Limited Companies
Limited company contractors remain unaffected by these rules, provided they can demonstrate genuine self-employment. This means recruiters won't have any additional tasks related to pension enrolment in such cases.
Selecting an Umbrella Company
The primary consideration when choosing an umbrella company is to ensure they are a legitimate employer. Otherwise, you might still have to handle pension scheme administration and employer contributions, which defeats the purpose.
It's also advisable to assess the financial stability and compliance of the provider with pension regulations.
Support from Borderless Payroll
As one of the leading and well-established firms in this industry, you can rely on Borderless Payroll to take care of your contractors and help manage your administrative responsibilities. With years of experience serving contractors, we tailor our services to align with their busy schedules. We are committed to supporting both contractors and recruiters, ensuring peace of mind for all parties involved.
For more information on your financial matters or to understand how auto-enrolment pensions may affect you, our experts are available for assistance. Feel free to request a callback, and we'll get in touch promptly.
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Peter Wilson
Peter has general oversight across all local payroll operations. He manages a small team of payroll administrators with expert knowledge in local jurisdictions.
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