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)
Mr C Young, Brighton
Efficient and friendly service with relevant advice
From a personal point of view Pembroke Financial Services has always provided an efficient and friendly service with relevant advice. As a client of my firm, the company has always acted in a professional manner.
Doug Barley, Powys
Happy to recommend you
I am very happy to recommend you for all the help and assistance you have given me over the years. I hope that we will be able to continue our good relationship in the years to come and look forward to the next project.
