Auto Enrolment (Workplace Pensions)
What is auto enrolment?
Auto enrolment, also called Workplace Pensions, refers to the legal obligation on employers to put employees into a pension scheme.
What do I have to do?
Employers have to assess their workforce and identify 'eligible jobholders', 'non-eligible' jobholders, and entitled workers. They must automatically enrol the eligible jobholders into a qualifying workplace pension scheme, and make contributions based on qualifying earnings. Employees have the right to opt out of the scheme if they wish.
When do I need to do it?
Employers have to be ready by their staging date, which is pre-determined by the Pensions Regulator, based on the number of employees on your payroll as at 1st April 2012. You can find your company's staging date by entering your PAYE reference number into the Regulator's website tool here.
Able Governance can help!
Auto enrolment requires careful planning and attention, not just in the implementation phase, but on an ongoing basis. Able Governance, with our deep understanding of pensions provision and strong project management skills, can help you comply with these legal duties, and ensure that the scheme continues to provide good value for money into the future.
We can also review your existing workplace pension provisions, to ensure that you are compliant. This is a vital part of the due diligence in any merger and acquisition situation. See our Corporate Pensions Healthcheck service for more details.