Workplace Pensions & Auto-Enrolment
In 2012 the Government introduced mandatory requirements for employers to enrol their employees into a qualifying pension scheme – without employees having to take any action.
Unless an employee decides to opt out of the scheme, all employers will be required to make contributions into a pension scheme on behalf of their employee.
These ‘Auto-enrolment’ Schemes are being staged over a 6 year period, with different staging dates for different companies. If you’re an employer, you can find your date by entering your PAYE reference number.
The Auto-Enrolment Process
Pre-Staging
- Agree strategy (roles & responsibilities)
- Assess payroll compatibility
- Worker Assessment and catagorisation
- Decide contribution rates and cost impact
- Select pension scheme
- Employee communication
- Provide key information
- Explore salary exchange
- Tax implications
Staging
- Sign-up with a pension scheme
- System review and data cleanse
- Issue postponement notices
- Manage opt-ins and opt-outs
- Issue joining letters
- Employee communication
Post-Staging
- Employee communication
- Monthly administration record keeping
- Scheme analysis and reporting
- Annual review
- Decumulation advice
- Re-enrolment (every 3 years)
Laura
Fantastic
I would like to introduce you to my cousin, who I have included on this email. She is looking for someone to support her with setting up a pension/ financial advice… basically the same kind of service you offer me. Pembroke Financial has been fantastic to me over the years, so I recommended you…
Matt & Ali Davis
We really appreciate the professionalism of Pembroke
We are confident that going forward we have a healthier handle on this area of our finances and really appreciate the professionalism of Pembroke.
