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Employing someone for the first time - how to sort a pension fund
Mrs_pbradley936
Posts: 14,573 Forumite
If you are expanding your business and taking on new a fulltime staff member where can you get info on what you have to do regarding a pension? I would like to be as generous as possible.
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Doesn't need to be full time - just needs to be someone who earns over £10,000 and is aged at least 22/under their State Pension Age.Mrs_pbradley936 said:If you are expanding your business and taking on new a fulltime staff member where can you get info on what you have to do regarding a pension? I would like to be as generous as possible.
Be careful before you commit to being 'as generous as possible' - it's more important to ensure the business can afford whatever you plan to do, because once you've started offering a particular level of pension contributions, it's going to be difficult to reduce these at a later date.
In addition to the helpful link above, a much 'friendlier' read is https://www.nestpensions.org.uk/schemeweb/nest/employers/managing-scheme.htmlGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!2 -
Plus a higher headline salary instead of pension contributions is likely to be more attractive to potential staffMarcon said:
Doesn't need to be full time - just needs to be someone who earns over £10,000 and is aged at least 22/under their State Pension Age.Mrs_pbradley936 said:If you are expanding your business and taking on new a fulltime staff member where can you get info on what you have to do regarding a pension? I would like to be as generous as possible.
Be careful before you commit to being 'as generous as possible' - it's more important to ensure the business can afford whatever you plan to do, because once you've started offering a particular level of pension contributions, it's going to be difficult to reduce these at a later date.
In addition to the helpful link above, a much 'friendlier' read is https://www.nestpensions.org.uk/schemeweb/nest/employers/managing-scheme.html1
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