What is auto enrolment?
When auto enrolment legislation was passed in 2012, it prompted the biggest change to pension arrangements in the UK for decades, affecting every business with employees across the country.
The legislation placed a new responsibility on employers to enrol staff in a workplace pension scheme if:
- the employees are working in the UK (including seafarers who live in the UK)
- the employees are not already enrolled in a suitable workplace pension scheme
- the employees are at least 22 years old (but under state pension age)
- the employees earn more than £10,000 per year.
If employees meet these conditions, it is the responsibility of employers to enrol them onto a workplace pension even if they are only on a short-term contract, being paid via an agency, or on maternity, adoption or carer’s leave
The benefits of auto enrolment services
Simpson Wood’s auto enrolment services remove the considerable burden that companies would face in setting up a workplace pension scheme onto which all staff are automatically enrolled.
Our team has an extensive track record of delivering pension schemes along with clear guidance and advice about how the scheme will impact each business we serve.
Our auto enrolment services include:
- Setting up the pension scheme and advising on the most appropriate option for your business,
- The identification of a staging date,
- The assessment of your workforce,
- Ongoing monitoring of movements between categories,
- Processing the necessary employee and employer contributions,
- Production of periodic reports for your pension scheme provider,
- Advising on amounts payable to your pension scheme,
- Providing all necessary communications with your employees as required by relevant regulations,
- Ensuring compliance with the regulations and minimising the risk of penalties being enforced,
- Retention of your records for the prescribed six-year period,
- Re-enrolment after the prescribed three-year period.
Working in partnership
We work side-by-side with our clients to ensure that the financial impact of pension contributions on their business is fully understood before any auto enrolment scheme is launched, and we make sure the needs of all staff are fully considered.
Whether your company is large or small, and whether your staff turnover is high or low, we can structure a workplace pension scheme that satisfies the needs of your business, your staff, and the pension regulators.
To hear more about how we help businesses with auto enrolment, contact us today.
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