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Auto Enrolment

Not enough people are investing towards their retirement and it is certain that State benefits are unlikely to be sufficient when most of us come to retire. As a result, the Government introduced its flagship scheme - 'Auto Enrolment' or 'workplace pensions'

What is Auto Enrolment?

Auto enrolment is legislation originally brought in by The Pensions Act 2008 and included duties for employers commencing in 2012.

Employers are required to put in place pension arrangements for their employees and automatically enrol them, make contributions and manage the scheme for their employees.

Legislation is in place now, but depending on the size of your company, you have until February 2018 to implement your scheme. This is known as your 'staging date'.

Employer Obligations

Every employer will have to act to fulfil their new legal duties and to avoid potential penalties. If you are an employer, it is vital to understand your responsibilities. As an overview, you should:

  1. Know your staging date - when you need to act
  2. Assess your workforce - who you need to enrol
  3. Review your pension arrangements - does any current scheme qualify as an automatic enrolment scheme
  4. Communicate the scheme and changes to all your employees
  5. Automatically enroll your eligible job holders
  6. Register with the Pensions Regulator and maintain relevant records
  7. Contribute to your employee's pension

Employers need to take action sooner rather than later. You should prepare for auto enrolment well in advance of your staging date and make sure you are aware of the potential impact on your business.

For more information on Auto Enrolment, call us FREE on 0800 255 0123 or click here for one of our advisers to contact you.

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