{"id":1410,"date":"2015-05-26T09:55:13","date_gmt":"2015-05-26T08:55:13","guid":{"rendered":"http:\/\/www.nannyjob.co.uk\/blog\/?p=1410"},"modified":"2015-05-26T09:55:13","modified_gmt":"2015-05-26T08:55:13","slug":"pensions-for-nannies","status":"publish","type":"post","link":"https:\/\/www.nannyjob.co.uk\/blog\/pensions-for-nannies\/","title":{"rendered":"Pensions for nannies"},"content":{"rendered":"

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There’s been a lot of buzz in the news lately about new pension rules for nannies that are coming in on June 1. Here’s a quick FAQ!<\/p>\n

Is it coming in for everyone on June 1?<\/p>\n

No. When it comes in for you will depend on your staging date. You can find that out by entering your PAYE reference on the Pensions Regulator<\/a> website. Nannies can find a PAYE reference on their P60.<\/p>\n

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Who pays into the pension?<\/p>\n

Both nanny and employer pay into the pension. The initial contribution is 0.8% of the nanny’s gross wage deducted from their salary and 1% of the gross wage paid by the employer. The Government contribute 0.2%. These figures then go up to 2% for the nanny, 2.4% for the employer and 0.6% for the Governmment in 2017 and 3% for the nanny, 4% for the employer and 1% for the Government in 2018.<\/p>\n

Is everyone eligible?<\/p>\n

Anyone aged between 22 and 65, and earning over \u00a310,000 per year will be automatically enrolled. Nannies can opt-out but employers cannot request that they do or pressure them to do so.<\/p>\n

My nanny already has a personal pension. Does she need this?<\/p>\n

That’s a decision for nannies to make individually. Your nanny may opt for a work based pension in addition to her personal pension because she does not benefit from additional contributions to her personal pension. She can hold both a work based and a personal pension.<\/p>\n

How is this different from National Insurance?<\/p>\n

Although National Insurance does in part go towards paying a state pension the work based pension plan encourages additional saving towards retirement to complement the basic national pension.<\/p>\n

My nanny doesn’t earn \u00a310,000 a year in my job. Do I need to do this?<\/p>\n

If your nanny requests to join a pension scheme you must have a scheme available.<\/p>\n

How do I choose a scheme?<\/p>\n

There are many different pension providers out there and it is worth doing some research. A good benchmark is the Government scheme NEST<\/a> which has been set up for employers who need to auto-enroll their employees.<\/p>\n","protected":false},"excerpt":{"rendered":"

There’s been a lot of buzz in the news lately about new pension rules for nannies that are coming in on June 1. Here’s a quick FAQ! Is it coming in for everyone on June 1? No. When it comes in for you will depend on your staging date. You can find that out by … Continue reading “Pensions for nannies”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[154,202,296,386],"class_list":["post-1410","post","type-post","status-publish","format-standard","hentry","category-parents","tag-employing-a-nanny","tag-gross-wage","tag-nannies","tag-pensions"],"_links":{"self":[{"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1410"}],"version-history":[{"count":0,"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1410\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nannyjob.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}