NHF Pension Scheme for hair & beauty businesses
Over the next 2 years every employer must automatically enrol their workers into a qualifying workforce pension scheme and make contributions towards it.
Auto-enrolment pension for hair, barber & beauty salon owners
The NHF has worked with leading independent financial advisors Wren Sterling to provide a simple and cost-effective auto enrolment pension scheme, tailored for the hair and beauty industry.
If you're looking to administer your own pension scheme, the Wren Sterling Master Trust is perfect for you. Designed to be used as a self-service scheme, it is possible for you to comply with your auto enrolment obligations using the website alone.
The NHF pension scheme is open to NHF members and non-members salons and barbershops.
NHF auto-enrolment pension scheme fees
ANNUAL GOVERNANCE FEE
An annual governance fee. Members receive regular reports, legislative updates and information on the performance of the default fund (the fund your contributions will be put into unless you choose a different fund).
Annual management charge 0.60%
The NHF pension scheme provides a flat annual management charge to all scheme members which is the only charge to employees for investing in the default fund. Other funds may have a higher annual management charge.
Preparing for your auto-enrolment pension
What do I need to do to prepare for auto-enrolment for my salon or barbershop?
1. Find out your staging date
- Know your staging date.
- Click here to find out your staging date Have your PAYE reference to hand. It’s on the letters you’ve received from the Pensions Regulator about auto enrolment.
2. Assess your salon workforce
- Eligible workers must automatically be enrolled in a pension scheme.
- An ‘eligible worker’ is:
- Aged between 22 and state pension age.
- Working or ordinarily working in the UK.
- Earning more than £10,000 a year.
- Workers who are not eligible still have the right to opt in.
3. Review your salon pension arrangements
- Review your existing hair & beauty pension scheme.
- Choose a qualifying pension scheme.
- The NHF pensions auto-enrolment scheme is:
- Open to NHF Members and non-members.
- Guarantees acceptance for hair, barber and beauty salon owners.
- Free, easy to use software to administer the scheme.
- Has ‘Master Trust Assurance Framework’ accreditation.
- Dedicated auto-enrolment helpline.
- A fully governed default investment fund.
- Access to independent financial advice from Wren Sterling (NB charges may apply).
|Watch our How-to NHF auto-enrolment pension videos here|
4. Communicate the changes to all your salon workers
- It’s the employer’s duty to write to your salon or barbershop employees and let them know how they will be affected by the change.
5. Automatically enrol your ‘eligible jobholders’
- You will need to supply details to the pension providers of the eligible workers so they become a member of the pension scheme.
6. Register with the Pensions Regulator and keep records
- You need to inform The Pensions Regulator that you’ve fulfilled your duty.
- Keep records on the enrolled workers and the contributions paid.
7. Contribute to your workers’ pensions
- Now that you’ve set up your pension scheme you now need to contribute to the chosen pension scheme on the behalf of your salon employees.
NHF Pension Advice
Free NHF Pension Guide
|Looking for more help, advice and information? Download our free NHF Pension Guide for the hair, beauty and barbers here.|
Nationwide NHF pension events for salon and barbershop owners
Click on the link to book onto one of our pension events being held around the country to understand inform you on what auto-enrolment means to you as a salon or barbershop owner.
Further NHF auto-enrolment pension scheme information
Click on the link below for more information on who is eligible for the scheme.
Click on the link below for more information on postponing auto-enrolment for up to three months for some of your staff.
Test your date ahead of your staging date
It is vital to ensure reports from payroll are in the correct format ahead of your Staging Date. Once you have prepared either a Pay Reference Period or Payroll Data Feed file ready for staging, you can test the file here to ensure it is compatible with AE-Portal.
CONTACT 0330 123 5970