Can a Limited Liability Partnership (LLP) Take Out Keyman Insurance?
Question asked by Peter Williams
I’m currently in the process of setting up my first company in the UK. I know there are multiple legal obligations I’ll have as a business owner, but am I required to provide a workplace pension?
Firstly, good luck with starting your new business!
Next, to answer your workplace pension query. All employers in the UK are required by law to provide a workplace pension scheme to eligible employees. This is known as auto-enrolment. You must auto-enrol those who are eligible and pay contributions on their behalf.
If you hire one or more staff members, you are classed as an employer and must carry out your legal duties. It doesn’t matter if you only hire one employee to begin with, if they meet the following auto-enrolment criteria, you must set up a qualifying pension scheme.
It can often feel overwhelming when it comes to setting up your own workplace pension scheme. If you want to get a better understanding of the uk market you can read our guide on the best company pension scheme providers in the UK.
If you need advice we have a team of experts who help businesses of all sizes set up corporate pension schemes and ensure they are run in the correct way. Please don’t hesitate to get in touch on 02074425880 or email help@drewberry.co.uk.