Auto Enrolment & Workplace Pension
The laws surrounding workplace pensions have changed recently, making it essential for employers with at least one employee to set up and contribute to a workplace pension scheme. This is known as auto-enrolment, as workers are automatically enrolled into the workplace pension scheme. However, it is not automatic for employers, who are now required to ensure employees are enrolled into an eligible scheme and that pension contributions are paid each time the payroll is run.
Those who are aged over 22 with earnings above £10,000 per tax year must be automatically enrolled, with employees who fall outside of this having a right to opt into the pension scheme. From 5th April 2019, all employers were required to contribute a minimum of 3% of employees’ gross earnings to the pension scheme, with employees contributing a minimum of 5%.
Many businesses have been impacted by the new workplace pension scheme, with additional costs and admin time required to maintain auto-enrolment. However, our team are able to assist with everything from enrolling employees and updating payroll software to providing pension scheme information and arranging for pension contributions to be paid.
Our professional team will provide tailored pension services which support the goals of your company, so that your business is fully compliant with The Pensions Regulator.