Hi everyone,
I am aware there is a lot of info on pensions on the forum & the web in general, but I'm a bit overwhelmed by the volume/specificity of it and am looking for some general clarification on where to begin, and am hoping some of you might be able to help me. Most of what I've found discusses the Auto Enrolment Scheme (which I am both ineligible for & exempt from, as far as I'm aware) or the tax benefits of making employer contributions. I have found very little about how to actually make employer contributions outside of the Auto Enrolment Scheme.
My situation: I am the director & sole employee of a recently established LTD. I have a private pension set up by a former employer that has been long-neglected, and I would like to pay into it as an employer as a way of taking money out of my company.
My questions:
1. Do I need to set up a 'pension scheme' for myself in order to make employer contributions? If so, is it simply a matter of registering with HMRC as a pension scheme administrator? If not, is there something else I need to do to enable me to make employer contributions? Note I'm seeking guidance about HMRC/government compliance (i.e. rather than requirements of pension companies).
2. What are the regulatory implications of doing this? My accountant (who has encouraged me to seek guidance elsewhere as she is not an FA) has warned there might be complex filing/regulatory requirements, and/or fees, for setting up a pension scheme as an employer. I do not have an FA, and my calls to HMRC, the Pensions Advisory Service and the Pension Regulator turned up nothing (as they were only able to answer questions about the auto enrolment scheme, and couldn't advise on what to do as a sole director/employee).
I would be grateful for any links to government guidance, and/or threads that already address these aspects (I am aware of the pension sticky on the board, but reading through it I am already lost in all of the acronyms, and most queries seem to deal with the best funds to invest in rather than how to actually pay into a pension).
Thank you for your time in reading & offering your help! It is much appreciated.
I am aware there is a lot of info on pensions on the forum & the web in general, but I'm a bit overwhelmed by the volume/specificity of it and am looking for some general clarification on where to begin, and am hoping some of you might be able to help me. Most of what I've found discusses the Auto Enrolment Scheme (which I am both ineligible for & exempt from, as far as I'm aware) or the tax benefits of making employer contributions. I have found very little about how to actually make employer contributions outside of the Auto Enrolment Scheme.
My situation: I am the director & sole employee of a recently established LTD. I have a private pension set up by a former employer that has been long-neglected, and I would like to pay into it as an employer as a way of taking money out of my company.
My questions:
1. Do I need to set up a 'pension scheme' for myself in order to make employer contributions? If so, is it simply a matter of registering with HMRC as a pension scheme administrator? If not, is there something else I need to do to enable me to make employer contributions? Note I'm seeking guidance about HMRC/government compliance (i.e. rather than requirements of pension companies).
2. What are the regulatory implications of doing this? My accountant (who has encouraged me to seek guidance elsewhere as she is not an FA) has warned there might be complex filing/regulatory requirements, and/or fees, for setting up a pension scheme as an employer. I do not have an FA, and my calls to HMRC, the Pensions Advisory Service and the Pension Regulator turned up nothing (as they were only able to answer questions about the auto enrolment scheme, and couldn't advise on what to do as a sole director/employee).
I would be grateful for any links to government guidance, and/or threads that already address these aspects (I am aware of the pension sticky on the board, but reading through it I am already lost in all of the acronyms, and most queries seem to deal with the best funds to invest in rather than how to actually pay into a pension).
Thank you for your time in reading & offering your help! It is much appreciated.
Comment