Hello. I am a SAHM. I have a 5, 3 and 9 month old. The eldest has learning difficulties so we are limited to where we go in the holidays that is safe and entertaining for him. I have always hired a part time nanny to help out in the past. We have no family here and I get no respite the rest of the year even if one or more children are in nursery or school. So this is my only chance for just a few hours break. (Most of the time I still have to accompany the nanny as it's too much for her to do on her own). So now the pensions have come in and the cost of setting up and paying the pension is almost as much as the take home pay. This was already a pricey exercise and now the amount has been doubled. I had to fire one nanny this year and get another so the cost would be unbearable. For those that do something similar, what are you going to do next year? How will the agencies work if I get them to do the admin? I actually feel sick with worry that there is no support for our family AT ALL - we don't have the luxury of some other options of play schemes.that other families get.
Ooh that's a good link to thanks. I need to get my head around the ins and outs of the scheme - I.e would a person switching jobs have multiple schemes potentially or would they want to stick with the same one? Yeah I know there is an earnings threshold for contribution - it's already a headache for PAYE in a temporary nanny situation. Interesting how pricey my accountant is - they were twice the price of other accountants when we set up 12 years ago but to be fair they have never put up their price in that time and they include the payroll for the nanny each year. Perhaps they just set a high price to last them years?
Maybe your accountant would do the pension calculation as part of their payroll service, then leave you to organise the actual pension letters and making the payments? NEST has various letter templates I think, so it is getting your head around when each letter needs sending, when it needs reviewing and how to make the payments.
I expect many small employers will use NEST as the fees to employer is nothing. Many people will end up with pension pots at various providers but eventually with luck some merging will be able to occur.
use payefornannies. They do the whole payslip stuff for much cheaper than the other companies and I think they charged an extra 60-100 per year to do the pension. they are excellent when you need advice, and when I was going to be finished with having a nanny 3 months after my subscription ended, they extended it for free.