Company Pension Scheme

Do I need to have a company pension scheme? – Pensionfinder

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    Do I need to have a company pension scheme?

    Any company that employs five or more people is legally obliged to give their personnel the opportunity to join a company pension plan. The penalty for not meeting this requirement is a fine up to £50,000.

    Unless you already offer some other recognised company pension scheme, you have to offer your employees membership of a pension.

    Your company needs to choose the scheme that employees can enter, and inform your people about how it works. Should people want to join you need to organise deductions from their salary into the scheme.

    Pension providers are very keen to get new company pensions on board and will often send out a representative to talk through options, and even help you to administer your chosen scheme. A financial adviser can help you choose a provider that will have favourable charges and meet your needs.