Employer Pension Obligations
Every company pension scheme comes with its own set of obligations on the part of the employer. Employer pension obligations will depend in part on the type of company pension scheme that the employer offers.
The basic areas of obligation that an employer has in running a company pension scheme are as follows:
- Employer and employee contributions must always be paid within due time restrictions.
- Company assets and pension fund assets must kept completely seperate.
- First consult with employees if you wish to make any changes to your pension scheme.
- Assist trustees where necessary, and allow employee trustees adequate paid time off to perform their duties as a trustee.
The full legal obligations in running a pension scheme responsibly are complex and we recommend that you speak with the independent company pension advisor from one of our partner firms for a free initial consultation.
Every employer with more than five employees is legally obliged to offer a pension scheme. As of 2012 every employer will be obliged to make contribution to and enrol jobholders in some form of pension scheme.
ABOUT TRUST ONLINE