As an employer you’ll face some new duties In running your business. These new duties will help more people save for their retirement.
What are the changes?
You must automatically enroll certain members of your workforce into a pension scheme and as an employer you will need to make a contribution towards it. The law came into force for large employers from 2012 and smaller employers will follow.
Even if you already offer pension arrangements for your workers, you’ll still have some new obligations to meet.
What do I have to do?
The main things you must do are:
- Provide a qualifying scheme for workers
- Automatically enroll all eligible jobholders onto the scheme
- Pay employer contribution for eligible jobholders to the scheme
- Tell all eligible jobholders that they have been automatically enrolled and they have the right to opt out if they want to do so
Useful Resources:
- 7 Steps to prepare for automatic enrolment: 7 Steps
- Staging Date Calculator: Calculator
- Key facts about automatic enrolment (pdf): Key Facts
- A4 Employers Poster: Poster
- Employers and the role of the Pension Regulator: Employers & Pension Regulator
As always we are on hand to assist our clients with this new legislation and if you require more information or any assistance do not hesitate to Contact Us.