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…
Ray & Sue Greenfield
Thank you very much for all the clear financial advice
I would also like to take this opportunity to thank you very much for all the clear financial advice you have given not only Sue and I, but my family over many years.
