Do you run a Yoga Business and employ staff?

do-you-need-to-set-up-a-pension

You should be aware that all employers in the UK are obligated to set up a workplace pension scheme in 2018. HMRC have been sending out instructions to eligible employers with their staging dates for some time. If you have not received a pack and you employ staff, we highly recommend checking out your staging date and reading up about your requirements as an employer.

Any member of your team who is classed as a worker and falls into the following categories must be entered into a scheme so they can save for their retirement:

  • aged between 22 and state pension age (differs depending on DOB)
  • earn at least £10,000 per annum
  • they usually work in the UK

Both employers and employees are obliged to make payments into a pension scheme. There are minimum amounts set by the government which are due to increase in April 2018 and again in April 2019. Employees may also be eligible for tax relief on their payments.

Be aware that The Pensions Regulator will impose fines for any employers who fail to set up a workplace pension by their auto-enrolment date. They are already starting to take action through the courts for failure to set provide their staff with a group pension scheme. Our advice, act soon if you haven’t already!

You will find other useful information on the links below.

Yoga Alliance Professionals is run by a team of experienced staff and we are in the process of setting up our own workplace pension scheme to help our staff when they retire.

Our staff are our strength. We do not believe in running our organisation with volunteers, like some other yoga membership organisations! We pay our team decent wages; we attend a weekly yoga class together and work together as a team! We encourage our staff to be involved in our decision making and inspire them to take ownership of their own areas of the business.

We work with apprentices; we want to give something back and help young people to get a start on their own career paths. They learn all aspects of the business and last year’s apprentices have all completed their training and have gone on to become a valuable and integral part of the Yoga Alliance Professionals Team.

Useful links:

Establish if you are an employer – https://www.workplacepensions.gov.uk/employer/am-i-an-employer/

Pensions Regulator Employers Information – http://www.thepensionsregulator.gov.uk/en/employers

Government website, information on who should join a pension – https://www.gov.uk/workplace-pensions/joining-a-workplace-pension

How much do you need to pay – https://www.gov.uk/workplace-pensions/what-you-your-employer-and-the-government-pay

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