Auto enrolment assistance for the right workplace pension
In 2012, The Pensions Regulator started the implementation of workplace pension legislation which introduced several legal duties including: workforce assessment; communication; record keeping and the administration and management of pension scheme membership for its employees. All employers were issued a ‘staging date’ between 2012 and 2018 following which they must comply with the new legislation, commonly known as ‘auto-enrolment’.
Employers must automatically enrol all UK employees that are aged between 22 and State Pension Age and earn more than £10,000, into a workplace pension scheme which in turn must meet certain qualifying criteria. There are a limited number of providers of qualifying schemes to meet the demand, therefore the later you leave it before starting the setting up process the less choice you are likely to have.
We can also provide employers with auto-enrolment compliance services through our professional partner who provides an end-to-end compliance solution that can be used alongside any qualifying workplace pension scheme to ensure that employers meet their obligations and also offer additional employee benefits within the workplace if desired.
We recommend that you start planning for auto-enrolment at least twelve months before your staging date because there is a lot to consider and if you get it wrong you could end up facing both fixed and variable financial penalties. The first priority is to check your key dates with The Pensions Regulator but this is only the first step of many.
As trained and experienced advisers we can help you through the maze of auto-enrolment and help you make decisions that suit your business and how it operates.