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Richard1
Level 2

workplace pension

Small closed company with 2 directors, no other employees. t/o 200k

Do I need to set up workplace pension?

4 Comments
EmilyCowan
Level 7

workplace pension

Hey @Richard1 - welcome to QB Community and thanks for your post! Where is your business located, and what roles do your directors play within the organization if they aren't managing employees?

Richard1
Level 2

workplace pension

Hey Emily,

Thanks for warm welcome - pleased to be here!

We're in Warwick, UK, I'm MD and do all the work - I give advice on medical product quality supply chains, get paid fees, my wife (company secretary) gets half the dividend.  We pay ourselves a salary to satisfy HMRC rules for closed service companies.

EmilyCowan
Level 7

workplace pension

Hey Richard - that sounds like quite a cozy arrangement! There's something very comforting about keep your business entirely within the family :smileyhappy:

 

On the other hand, depending on how you've set up your employment contracts (if any), your wife may be considered be an "employee" deserving of a workplace pension. Here's an FAQ from UK's The Pensions Regulator:

 

We're a family business - do automatic enrolment duties apply to us?

http://help.thepensionsregulator.gov.uk/faq/director/family-business-auto-enrol

 

I hope that helps!

 

Also, this might be a good time to tell you that QB Community launched a UK Community just this past Friday. You can find it by toggling from the American flag at the top right of your screen to the British flag. Hope to "see" you there as well!

Richard1
Level 2

workplace pension

Hey Emily,

 

Thanks for the very good advice.  We do not have any employment contracts, simply companies house listings.

I will go down the "tell us you're not an employer" route

 

Will join the UK Community for sure!

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