Please note: The Auto-enrolment sub-board is now closed. If you have a question around pensions, please post in the Pensions, Annuities and Retirement Planning board.
NEST for Employers
mania112
Posts: 1,981 Forumite
Let's say a husband and wife start a business and they're their only staff.
If they personally want to opt-out of NEST, does their business still need to set one up?
Secondly, I notice the charges are high 1.8% + 0.3%, does anyone have any idea when they will be lowered (i believe they are high now to pay for the costs of setting the whole thing up).
Thanks
If they personally want to opt-out of NEST, does their business still need to set one up?
Secondly, I notice the charges are high 1.8% + 0.3%, does anyone have any idea when they will be lowered (i believe they are high now to pay for the costs of setting the whole thing up).
Thanks
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Comments
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If they personally want to opt-out of NEST, does their business still need to set one up?
No.Secondly, I notice the charges are high 1.8% + 0.3%, does anyone have any idea when they will be lowered (i believe they are high now to pay for the costs of setting the whole thing up).
I believe they are looking at 20 years time.
By which time you would expect at least 3 bits of new pension legislation and products looking very little like they do today.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks, as always0
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Let's say a husband and wife start a business and they're their only staff.
Are they employees of the business? Do they take a regular wage/salary taxed under PAYE?
If so, then my view is that the auto-enrolment duties will apply to the employer and that you WILL have to comply by providing a workplace pension.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Yeah in my example - Mr. Smith is self-employed and created a company to hire himself and his wife as employees.
Seems silly that in situations like this he would have to go through the hassle of setting up the scheme for his 'employees' especially when they 'all' want to opt-out.
I wondered if there is a caveat where business owners/directors do not need to be considered for this scheme (and therefore if the only employees are directors, they wouldnt need to bother)0 -
Hi mania112,
Debt_Free_Chick is right, even if you are only employing one person, the law requires you to automatically enrol them if they are eligible workers (earning over £8,105, aged over 22, working in the UK etc).
With NEST it is really easy to do this, particularly if you only have one employee. You can do it all online in literally a matter of minutes.
Once you've enrolled your employee they of course have the right to opt-out, but at least then you are set up and registered. If your business expands and you take on more staff who also need to be enrolled, you don't have to go through the registration process again, it's already all set up.
Also don't forget that a company with fewer than 30 employees is not going to have to start thinking about this until June 2015 at the earliest so you don't need to worry about it for the time being.“Official Company Representative
I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"0 -
Can we clarify what people mean be self employed here. Are you talking own limited company where you are an employee of your company or self employed (paying class 2 NI) where you are not an employee of your company because you are self employed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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My situation is private ltd company,employee but earning less than £8105 a year(take rest in divi's),do i still have to set one of these up?2 kWp SEbE , 2kWp SSW & 2.5kWp NWbW.....in sunny North Derbyshire17.7kWh Givenergy battery added(for the power hungry kids)0
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NEST_Representative wrote: »(earning over £8,105, aged over 22, working in the UK etc).
But why would anybody in this situation pay themselves more than £8,105?0 -
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