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Setting up a company pension scheme? Here are six essential reads

As a company director, planning for your retirement will be down to you. So it’s a probably a good idea to consider starting a pension for yourself, and if you have any employees, for them too.

For limited companies, you need to provide a scheme for your employees, and to make payments into it for them. This may sound expensive but remember that pension contributions can be deducted from your taxable profits.

You’ll also need to decide what to do about your own pension, and whether you’ll set that up privately or pay for it through the company.

Here are a few resources we’ve curated to help guide you on how to set up your own pension and put a scheme in place for employees.

Top reads on setting up a pension scheme as a limited company

  • If you run a limited company and employ staff, you’ll need to automatically enrol them onto a pension plan. The Morning Advertiser has written a thorough step by step guide on how to do this
  • Here’s the UK government’s guide to setting up and managing a workplace pension scheme
  • This Crunch article helps explain how contributing into an employees’ pension fund could reduce your Corporation Tax

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  • How do you make sure your employees get the best savings scheme? The Pensions Regulator explains what to look for, and what the ongoing costs might be
  • Don’t forget about yourself. This article looks at whether it’s more tax-efficient to pay into your pension through your company, rather than your salary
  • If you decide to pay into a personal pension, PensionBee explains how to set that up – and what the tax benefits are

Important note: Asto does not provide advice. You should not take anything in this content as any form of investment, tax, financial, legal or other advice. We have provided this content for your information only. You should not rely on it. Asto is not responsible for the accuracy or completeness of this information. You should seek independent advice as necessary.