Auto-enrolment is a Government initiative to help more people save for later life through a pension scheme at work. It’s a process where employers automatically enrol eligible employees into a qualifying pension scheme without any action on the part of the employee. The duties imposed upon employers (listed below) are complex. However, we can take care of the entire process for you, making it smooth and pain-free.
You can download our full guide to auto enrolment here: Employers – AE – Your complete solution – Our services
New auto enrolment duties include:
- Selecting the most appropriate compliance strategy
- Assessing and categorising employees every pay period
- Choosing a pension provider
- Designing a default investment strategy that is suitable for most employees
- Communicating with all employees
- Ensuring no-one at the employer encourages anyone to opt out
- Making employer contributions to the pension scheme
- Deducting contributions from employees wages and paying them into the pension scheme
- Maintaining a complete audit trail that can be inspected by the Pensions Regulator at any time
- Ensuring companies have a solution that meets all government standards
- Officially declaring compliance to the Pensions Regulator within five months of the employer’s staging date and then every three years
- Ongoing governance and oversight of the chosen pension scheme
The good news, is we manage everything, all the compliance.
Please get in touch for more information.