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New to auto-enrolment?
Here's a simple guide to the basics - what, why, when and how?
Auto-enrolment was introduced by the Department for Work and Pensions to help more people save for their retirement by having a workplace pension scheme.
The rules mean that employers have to automatically enrol eligible workers into a company pension scheme which meets certain criteria. Even if you already have a pension scheme, it might not meet the standards required by the regulator.
It's called auto-enrolment because it's automatic for the employee, however it's not automatic for you.
Our population is ageing, the state pension is moving to a flat rate and you'll have to wait longer to get it. As a result, there is a greater need for good private retirement provision.
To tackle this, auto-enrolment was introduced so that workers are encouraged to save for later life during their career.
The government realised that only 1 in 3 of us were saving for our retirement.
Each business has a staging date which is set by the Pension Regulator. The Pensions Regulator should have written to you confirming your staging date, but you can find it out easily online if you don’t already know. By April 2019, all eligible workers will need to be automatically enrolled into a workplace pension scheme.
You’ll need enough time to choose your scheme, gather the information you need and look at your processes to make sure you’re set up for success.
If you don’t get a scheme before your deadline, you might be fined for not complying – but if you give yourself time and follow our simple process, we’ll help you through it.
It can take about six months to get ready for auto-enrolment, so it's good to be prepared.
Every UK employer and those with staff in the UK are affected.
You'll need to assess, communicate, enrol your employees, pay contributions to their pension, and manage your company's scheme on an ongoing basis.
Not every employee will be eligible, so we'll help you work out who is and who isn't.
If any of your eligible employees don't want to be part of the scheme, you still need to enrol them and then they can choose to opt out.
Both the employer and the employee may need to make contributions to the pension scheme.
We've got a simple process to help you
We'll keep you right on what steps you need to take to ensure you've spoken to all the right people and told your employees everything they need to know.