What are workplace pensions?
Workplace pensions are a government initiative introduced to help more people save for their retirement. All employers in the UK will have to automatically enrol their eligible jobholders into a qualifying pension scheme.
Each employer will have a different staging date (between October 2012-18) depending on the number of people on the company’s PAYE. Each employer must have a qualifying pension scheme in place by their staging date, and automatically enrol their eligible employees into the scheme. There is no requirement for a worker to contribute unless the employer is not paying the overall minimum required.
When is my staging date?
As an employer, your staging date will depend on the number of people in your largest PAYE scheme, as of 1 April 2012, with the biggest employers setting up their schemes first, and rolling out through to the smallest businesses by 2018. Find out your staging date.
You can choose to bring your staging date forward. If you wish to do so you will need to inform The Pensions Regulator.
Preparing for auto enrolment
When preparing for your staging date, you will need to assess your workforce and identify which eligible workers will need to be automatically enrolled into a workplace pension scheme. Eligible workers automatically enrolled into a pension scheme will meet the following criteria:
Arranging a workplace pension scheme
If you already offer a pension scheme, it must meet the minimum requirements of a qualifying scheme. If it does not meet the criteria set out by auto enrolment regulation then you will need to change certain aspects of your scheme so that it does comply or put an auto-enrolment scheme into place.
Setting up, administering, and meeting the regulatory requirements of these schemes is likely to provide a logistical challenge to all employers and especially those that do not have a company pension in place already.
To help with these challenges we have developed fixed-price support packages to help employers meet their obligations. The package includes:
Our fee for this complete package depends on the size of the workforce but is generally in the region of £1,500.
Contact us by email, or by more traditional methods for more details.