Pension / company enrolment

jaydeeuk1

Right, I'm a joint director of a company, and now I'm finally debt free and company doing ok I want to start my pension scheme. I'm quite late to the party as I'm 33 so I want to make larger contributions to make up for lost time.

I've had a look through different schemes, initally I want to setup a company scheme which everyone can pay in to if they wish (I have 6 employees and 1 other director so not due for auto enrolment yet). This site has good links and information for individuals, but what about for companies setting up a scheme?

I'd also like this to match whatever the employee pays up, up to probably £500 a month. However I want to setup a SIPP for myself and not bother with the company one unless there is any advantage to both (I don't have any lump sums to invest).

This april I changed my salary to be £1500 net pay from the £800 it was last tax year, as I understood that I couldn't make pension contributions if it took me below minimum wage.

I'm the one who also pays the wages each month, so in the case of my SIPP, can I still have my company match the payment I make or is it different rules? Do I just transfer the money in to my pension each month just as I would pay my wages? I'm looking to pay in at least £500 a month from my own pay this year, plus whatever the company and tax man can contribute. Does the tax amount from the Govt automatically pay in?

xylophone

http://startups.co.uk/setting-up-a-company-pension-scheme/

http://www.unbiased.co.uk/

http://www.fsb.org.uk/pension-scheme

might help.