What is Auto-enrolment?
Auto-enrolment (or automatic enrolment) requires all employers to enrol their workers into a qualifying workplace pension if they are not already in one. At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer’s workplace pension. Auto-enrolment is meant to overcome this. The government has introduced a new law to make it easier for people to save for their retirement.
Employers have to automatically enrol workers who:
- Are not already in a qualifying workplace pension;
- Are at least 22 years old;
- Are below state pension age;
- Earn more than £10,000 a year*; and
- Work or ordinarily work in the UK (under their contract).
When is this happening?
Although auto-enrolment came in on 1 October 2012, individual employers’ duties will be introduced gradually over the coming years and will be based on the employer’s size.
Why do I need advice on auto-enrolment?
Our financial advice will help you understand your commitments and ensure you have a plan in place to comply with each of your employer responsibilities.
Our service includes advice on:
- maintaining records required by The Pensions Regulator
- implementing a staff communications strategy which complies with The Pensions Regulator’s communications rules.
- ensuring any workplace pension is right for your business and your staff.
As whole of market independent financial advisers (IFAs) we are not tied to the products of any particular pension provider and are therefore able to find the best possible deal for your business and your staff in the whole marketplace.
Why not contact us for more information and advice on auto-enrolment and workplace pensions.
Our Scottish base in Glasgow is no barrier to giving whole of market independent financial advice across the UK.
* Figures are for the 2019/20 tax year