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Pensions

Overview​

Pensions are a key part of your employees' benefits package. Pensions allow your employees to save for retirement and provide them with financial security in their later years. Workmax allows you to set up and manage pensions for your employees, so you can help them save for their future.

What is a pension scheme?​

  • A pension scheme is essentially a long-term savings plan designed to provide you with income during your retirement.
  • You (and often your employer) regularly contribute money into this plan throughout your working life.
  • The government encourages pension saving by offering tax relief on contributions. This means some of the money that would have gone to the government as tax instead goes into your pension pot.

Why set up a pension scheme?​

  • Legal Requirement: In the UK, it's not just a good idea, it's the law. Employers must automatically enroll eligible employees into a workplace pension scheme. This legislation aims to ensure more people save adequately for retirement.
  • Employee Benefit: Offering a workplace pension is a valuable employee benefit. It helps attract and retain staff, demonstrating that you care about their financial future.
  • Employer Contributions: As an employer, you're also required to contribute to your employees' pensions, further boosting their retirement savings.

The pensions regulator has set out the rules for automatic enrolment. Employers must automatically enrol employees who:

  • Are aged between 22 and state pension age
  • Earn more than £10,000 a year
  • Work in the UK
  • Are not already in a qualifying pension scheme
  • Do not have a contract of employment

Why Use Workmax Pension?​

Workmax Pension offers the following benefits:

  • Easy Setup: Workmax makes it easy to set up and manage pensions for your employees.
  • Automatic Enrollment: Workmax can automatically enroll your employees in a pension scheme, so they can start saving for retirement right away.
  • Compliance: Workmax ensures that your pension scheme is compliant with the relevant regulations and requirements.
  • Employee Self-Service: Workmax allows your employees to manage their pension contributions and view their pension details online.
  • Reporting: Workmax provides detailed reports on your pension scheme, so you can track your employees' contributions and monitor the performance of the scheme.
  • Integration: Workmax integrates with pension providers, so you can easily submit pension contributions and manage your pension scheme.

Features​

Workmax Payroll offers the following features:

Examples​

Here are some examples of how you can use Workmax Pensions:

  • Setting up a Pension Scheme: Set up a pension scheme for your employees.
  • Organising your employees into worker groups: Organise your employees into worker groups based on their pension contributions.
  • Submitting pension contributions: Submit pension contributions to your pension provider.
  • Managing your pension scheme: Manage your pension scheme and keep track of your employees' contributions.