Automatic enrolment is a Government initiative to help more people save for later life through a pension scheme at work.
In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension, or they didn’t apply to join their company’s pension scheme.
Automatic enrolment changes this. It makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. The employer must also pay money into the scheme, if the employee contributes.
Whether you have one employee or 100 employees, auto-enrolment places significant responsibilities on an employer. Employers need to enrol many of their employees into a work based pension scheme and pay some pension contributions.
Just missing your specific enrolment date could cost you £5,000. Some companies have already been fined.
We can help you:
- Prepare for the start of auto-enrolment in your business by checking your staging date, being a point of contact, making an initial analysis of your workforce, preparation of a cost budget and general advice in choosing an appropriate qualifying pension scheme.
- Prepare communication letters to your employees.
- Assess and enrol workers on an ongoing basis.
- Calculate employee and employer contributions and prepare payment schedules for the pension scheme provider.
- Communicate and complete necessary paperwork with The Pensions Regulator to ensure that your business remains compliant.
Require more information?
If you would like more information or would like to speak to us direct then call us on 01702 542424. Or if you would prefer, ask us a question online.