Taxi Driver Online

What a nightmare it has been trying to sort out the workplace pension. It has taken my son and I 3 days just to fill in the online forms and get them validated. Some schemes wanted £100.00 per month just to administer their scheme as well as a % of the pot. A complete waste of time if you ask me but hey ho at least we are compliant.

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Grandad,

yes the insurance/pension industry is rubbing their hands on this one they know people have to sign up and many won't touch small firms. I am still trying to work out how to register because I don't have ANY employees but have been told i must still be registered !!

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

Are you an employee? If you are not an employee and no one else in your company is an employee then you shouldn't need to enrol. Are you listed at HMRC as an employer? If you are and you have no employees then you should get yourself off the list. In order to comply you need your company PAYE number. If you haven't got one you can't comply. I have signed up with a company called smart pension.

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Grandad,

Tories only ensure their pals benefit from any thing to do with pensions and always ensured the pension contributor looses out.

Favourite sentence used by these pirates "your investments may go down in value "

This was another Tory government con.

Pockets lined..

https://www.theguardian.com/money/2016/ ... 27m-pounds

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Of all the things ive lost, i miss my mind the most

No I am listed as a sole trader BUT according to FSB legal bods any businesses not registered even if they have no employees could get clobbered for not signing up

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

Can I suggest that you ring the pension regulator. I am sure they will tell you that you don't need to do anything. The number is 0345 600 1011.

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Grandad,

tried that 6 months ago got told it was all on the website but the bit about businesses with no employees has been removed hence a call to the FSB legal line

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

Have you had any letters from the pension regulator informing you of your duties and giving you your staging date? If not then you are not needed to sign up. Every letter has your code that is needed to sign up and comply. No letters = no sign up.

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Grandad,

My understanding is you as an employer have to offer it, do employees have to accept it?

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Note to self: Just because it pops into my head does NOT mean it should come out of my mouth!!

Slightly more complicated. Firstly,there is a lower earnings limit that as an employer you can choose to use rather than all the employees earnings. So an employer can choose to offer the workplace pension on all earnings or just the earnings over the lower earnings limit. Secondly, ALL employees must be enrolled into the scheme regardless of their earnings. Thirdly, any employee can opt out of contributing to the scheme at any time. If a qualifying employee decides that they want to stay in the scheme then the employer contribution is 1% of the qualifying earnings. The employee contribution can be varied but is a minimum of 1% of earnings.
So if you have an employee earning say £1500 per month and the LEL is approx. £500 per month it means that the employer has to contribute 1% of the £1000 or £10.00. Now add the £10.00 from the employee and the total contribution is £20.00 per month. Now call me a cynical sod if you wish but I hardly thing £20.00 per month is going to build up to any kind of worthwhile pension pot.

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Grandad,

no but 20 million of them will make the pensions industry look good

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Of all the things ive lost, i miss my mind the most

Of course it will.
I myself will be opting out for a couple of reasons. Firstly, I am too old for it to make any difference. And secondly, I know the rules have changed now but I used to save £50 a month in a pension fund from when I was 20 until I was 38 but then, following the breakdown of my first marriage with the debts from that and the incompetence of the CSA, I had to go bankrupt. This resulted in my pension pot being taken to go towards the creditors. Therefore I no longer believe in the system.

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Grandad,

Right or wrongly it is this kind of Government over involvement and meddling that puts me off of employing anybody....It's no way to create or encourage jobs from Small business by making the employing of people as difficult and as over regulated than is necessary, Just another Obstacle on the UK road to recovery.

Greetings from a fellow ex-bankrupt.....lol

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Of all the things ive lost, i miss my mind the most