Expert Pension Accountancy Services

Gondal Accountancy offers a comprehensive Pensions and Auto Enrolment solution, handling everything from initial planning to seamless implementation. For years, we've assisted our business clients in establishing pension plans. We guide you through every phase, managing your company's planning, execution, and adapting to the implications of the new workplace pension scheme on your payroll and systems. Our all-inclusive and competitive auto-enrolment packages make compliance hassle-free. Get in touch with us for further details.

Exploring Pension Scheme Options

When it comes to pensions, there are two primary categories to consider

Workplace Pension Schemes

These can be further categorized into defined benefit schemes and money purchase schemes. Defined benefit schemes provide retirement income based on your earnings, while money purchase schemes are linked to contributions and investment performance. Defined benefit schemes have become less common due to regulatory constraints and costs.

Personal Pension Schemes

These are privately funded pension plans, which can also be employer-funded. They generally fall under the money purchase scheme category and are accessible to self-employed individuals.

Auto-enrolment legislation mandates workplace pension schemes for all employers, which are typically of the money purchase variety. Tax reliefs available to members of these schemes can vary.
It's vital to seek professional advice tailored to your specific circumstances when dealing with pension matters.

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Seek Professional Advice

Auto enrolment is a grey area, but we can help to determine whether it applies to your business or not, and if it does, who is affected and when you need to start acting. Our services are far more preferable to penalties and fines and will leave you with adequate knowledge on the impact auto enrolment has on your business.

Pension Auto Enrolment FAQs

Your employer will enroll you in a pension scheme and make contributions if you meet the eligibility criteria for automatic enrollment. Even if it's not a legal requirement for your employer to enroll you, you can choose to join their pension scheme voluntarily.

Certainly, you have the option to exit the scheme, commonly known as 'opting out.' If you choose to opt out within the first month of your employer enrolling you in the scheme, any contributions you've made will be reimbursed. However, if you decide to opt out later, your payments will typically remain in your pension until your retirement, and you may not be eligible for a refund.

If you already conduct a pension scheme for your employees, you need to make sure that it complies with the auto enrolment programme. Not all policies will meet the minimal criteria, and if your scheme isn’t enough, you’ll need to take action to ensure that it complies. Small businesses can use a standard scheme such as NEST and People’s pension. However, larger companies with more employees will need to speak with a pension provider to negotiate a deal to make their scheme compatible.

Self-employed individuals are not enrolled in pension schemes automatically, so it's advisable for you to proactively prepare for your retirement by initiating contributions to a pension plan.

Need Auto enrolment and workplace pensions Support?

Contact us if you would like pension advice on anything related to Auto Enrolment