Choose a Pension Scheme
There are many different Pension Providers available, NannyPaye is not FCA registered and none of our team are able to advise you on which Pension Scheme is best for you, you will have to make this decision for yourself or seek advice from a financial advisor.
A couple of points that we have picked up from our research are:
- Not all of the providers will accept you (as you to them your scheme is going to be very small).
- Most do not seem to charge you anything for operating the scheme.
- NEST is the government run scheme and so they have got to accept you.
The Pension Regulator has recently changed it's guidance and if you are not going to have any eligible employees then you do not have to open a pension scheme before your staging date, you can wait until your employee becomes eligible and open it then.
However, as part of the NannyPaye Pension Service we open the pension scheme at the start for you regardless of whether your employees will be automatically enrolled. The reason for this is that your employees are not assessed for eligibility until the first payroll run after your staging date, by which time, if they are eligible, they need to be enrolled into the scheme in order to run the payroll. If we did not have the scheme open ready then this would cause delays to your payroll and potentially mean that you are fined by HMRC. Having the pension scheme open with no employees in it will not cause you any problems or additional cost.