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The employees' contribution includes tax relief. These are minimum contribution levels and you can pay more if you would like to provide a more generous benefit. This process is being phased in over the next two years.
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The Pensions Regulator, the watchdog for pension schemes, is currently writing to all the 1. There's an option to postpone contributions for three months, but you still need to have the pension in place then. If you've employed a nanny or carer more recently, your staging date is likely to be towards the end of this period. Otherwise, dates will be randomly allocated. If you haven't received a letter by the end of July, contact the Pensions Regulator at thepensionsregulator. Thanks to a historic quirk, many nannies are employed on contracts which stipulate they must be paid net, which means you pay your nanny's income tax and national insurance, on top of their agency's tax and national insurance.
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Kirsty Wild, the marketing manager of payroll agency Nannytax nannytax. She said: "Initially, paying an extra 1pc may not seem significant. But when contribution levels rise, you'll be paying 7pc, rather than 3pc of their salary into a pension. This can be a more significant difference to the overall cost of employing a nanny.
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Once you've established you need to pay your employee a pension, you will need to choose a provider with which to set it up. Back in , there were 23 providers offering autoenrolment options. Today there are 80 — so it isn't always easy choosing the most appropriate scheme.
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You can consult an independent adviser, but they will charge for this service. Sean McSweeney, of Chase de Vere, says those employing a nanny or carer need to think about costs, investment options, and how easy these schemes are to run.
The annual charges on Nest are low, but there is an additional levy to pay to recoup set-up costs. Mr McSweeney says this means it may not be as cost-effective for older workers, who many only be in the scheme for a few years. These schemes typically have competitive charges and accept customers contributing fairly small amounts each month.
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You can contact pension companies directly, or alternatively, if you employ a payroll agency such as Nannytax, most will have systems in place to automatically deduct these pension contributions and invest them in your chosen scheme. Accountants may offer this service, too. Ms Wild says: "We can't recommend a pension scheme, but once you nominate one, we can handle the rest of the process. Those that have taken direct payments from their local NHS authority may be able to get additional assistance from this service if this payment doesn't cover additional pension contributions.
After you've received your letter, with details of your staging date, you need to register up-to-date details online with the Pensions Regulator. If you are using an accountant or payroll company you need to register their details as well. Terms and Conditions. Style Book. Weather Forecast.
We will match a nanny who will meet your needs to make your transition into motherhood smooth, easy and blissful. Read More. This enables faster placement and better matching of domestic helpers for employers with caregiving needs. Since the establishment in , TSM Maid has been growing steadily to become one of the major players in the industry.
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The main objective is to help resolve the issues of working-class Singaporeans with their household chores. We act as a mediator between employers and foreign domestic workers to ensure a suitable match for both parties. Read more …..