Did you know that The Pensions Regulator has an industry liaison team? They support payroll service providers and employers with their workplace pensions and automatic enrolment duties – so that people can save safely for their retirement. They also supply speakers for a wide range of events in both the private and public sectors (you can request a speaker here). In today’s guest blog, I’ve invited The Pensions Regular to share their latest news and talk about some of the interactive services they offer. Over to them....
Tax relief guidance
We know that some employers are still applying the wrong type of tax relief to their employees’ pension contributions.
Some pension providers may offer a choice of tax relief, while many others only offer one type – for example, NEST only offers Relief at Source. If you’re running a payroll, don't assume that you know whether Relief at Source or Net Pay Arrangement should be used, but get confirmation. If your client is new to pensions they may not even know which one should be used. So, if in doubt, check with the pension provider. Find out more on tax relief for members’ contributions.
Improved online declaration portal now live
The Pension Regulator’s new declaration of compliance portal went live on 13 April. It’s now really easy to make a single declaration for one employer. It’s also much quicker if you’re logging in to submit multiple declarations or want to pick up where you left off with one.
You’ll have to change your password, when logging in for the first time on the new portal – just follow the simple onscreen instructions. You’ll also need to know the email address used for the original agent registration, as this is the username for your account. If you have more than 200 clients, you’ll need to look them up individually, as the new portal only shows a list if you have less than 200 clients. Go to the new portal.
New employer’s workplace pension duties
We know that some people who are setting up a new business, or considering employing someone for the first time, aren’t aware of their workplace pension duties. Some companies are exempt – such as director-only companies where no more than one director is employed by the company. All other employers will have duties, starting from the day their first worker starts and they will have to make a declaration within five months. They’ll also have to set up a pension and automatically enrol eligible staff, if they have any. We’d really appreciate it if you could make sure your clients are aware of this – and they can find out more using our online tool.