Know your legal obligations on pensions



It is sensible for everybody to make sure that they have some sort of pension provision. As an employer, you need to understand your legal obligations on workplace pensions.

You should consider your own retirement needs as well and even if you own the business, do not rely on selling your company as a guaranteed source of income on your retirement.

The two main types of pension schemes are defined benefit pension schemes and defined contribution pension schemes.

Whichever pension you choose, either for yourself or on your employees' behalf, you need to understand the relevant regulations and tax implications. You may wish to talk to a professional adviser about your particular needs before deciding.

All employers must provide workers with a qualifying workplace pension, known as automatic enrolment.

This guide will help you understand your options and explain your legal obligations.