You've got a workplace pension with us.
Now let's look at how to understand and manage it. Here's our guide for what you need to do.
Once you’ve set up your workplace pension scheme, you’ll get a welcome pack which explains everything you need to do, and when you need to do it. You’ll also be able to manage it using our administration platform for employers.
This is where you can assess your employees, join new members, manage payments and deal with opt-outs. There’s also information available on our administration platform like step-by-step guides and resources to help you complete tasks.
If what you read here sounds like a lot to take in, don’t worry. We’ll help you every step of the way and our support team are on hand if you need them.
Once you’ve set up your workplace pension scheme your ongoing duties boil down to five key things. We'll explain them all in this page.
You need to work out and pay your employer contributions to your workplace pension scheme on behalf of each employee. As well as this, you need to calculate, deduct and pay the individual employee contributions which they need to make.
You’ll have set your contribution rates when you set your workplace pension scheme up, and remember these need to be at or above the minimum set by the regulator.
You need to keep an eye on the age and earnings of your employees, so that you can see when they become eligible for your workplace pension scheme. You’ll also need to check new employees for eligibility. It’s a good idea to see if your payroll software can help you work this out automatically, as it’s something you should be monitoring every pay period.
Some of your employees who aren’t eligible to be automatically enrolled into your workplace pension scheme can still ask to opt-in and receive a contribution from you. If they earn under a certain amount, you won’t have to pay a contribution, but you can if you want to.
An employee can choose to opt-out within a month of being enrolled starting from either the date their active membership started or the date they received their enrolment letter, whichever is latest. If any contributions were paid during that time, they’ll be refunded.
Every three years you need to re-enrol eligible workers who are not in your workplace pension scheme. We can provide the notification to them on your behalf, and help you work out what to do.
You’ll need to keep a record of how you’ve complied with your duties. Here’s a list of the things you need to record:
These records need to be kept for six years, except opt-out notices which should be kept for four years.
Apart from all the administration – one of the most important things to remember is that you need to keep your employees informed. We can do this for you, or help you with templates or step-by-step guides if you want to do it yourself.
We can also provide some ready-made communications which help build awareness of your workplace pension scheme and keep your employees engaged and informed.
Get to know our administration platform and how to use it to manage your workplace pension scheme.
Let's make sure you know what you need to keep an eye on from now on