Since 1 October 2012, large companies have been required to enrol their employees in a workplace pension scheme and contribute a percentage of their employees' earnings to this scheme. A new law requires every employer, whether large or small, to automatically enrol workers in a workplace pension scheme by 2018.
Stay on top of your auto enrolment programme
Although the current scheme will continue until 2018, all employers will be required, by legislation, to have a workplace pension scheme in place for their employees by 2018. Employers need to enrol their employees in the new pension scheme if they:
Auto enrolment has been created to encourage employers to help more people save for their retirement. Every employer must now be responsible for their employees' retirement savings, as well as their salaries, so employers need to pick a pension scheme that works best for their employees.
Understand what you want out of auto enrolment
The effects of auto enrolment on your organisation can be significant. However, with forward planning and commitment, you can mitigate the risks involved. The first step in this process is to understand what you want to get out of auto enrolment. Do you only want to comply with legislation, or do you want to use this opportunity to provide your staff with a meaningful workplace pension scheme?
Our service proposal
Our wealth team can proactively manage your auto enrolment project and drive the engagement with you. Our service is an ongoing relationship that covers full set-up, implementation, communication, and ongoing compliance oversight. This includes:
- Project planning
- Workforce assessment
- Aligning payroll with pension providers
- Data cleansing
- Data testing
- Risk mitigation
- Cost reduction
- Compliance reviewing
- Administration reduction
- Salary Sacrifice
Contact an auto enrolment consultant