Auto-enrolment is a term used for the automatic enrolment of employees into workplace pension schemes. Due to UK legislation, all businesses must comply with auto-enrolment rules by 2018, depending on their staging date. This essentially means that a business needs to have a fully operational scheme in place for all of its qualifying employees.
There is a lot to consider when deciding on the specific pension scheme to implement as part of auto-enrolment requirements. We can assess your business’s needs and find suitable products to fulfil them from a range of trusted providers. Our help and guidance will ensure that you choose a scheme fit for purpose.
If your existing pension scheme is unsuitable for some of your employees, such as a transient worker on low pay, then we can advise on the best courses of action.
We can also assess any existing pension schemes you may have in place, to provide an evaluation of the:
- Charging structure – to ensure it qualifies as a “quality” scheme
- Investment choices
- Robust default funds
- Opt-out flexibility
- Online access availability
- Governance systems
It is important to prepare for auto-enrolment as early as possible, so that you are fully compliant in time for your staging date. If you require a new pension scheme then we will ensure that it is implemented efficiently, cost-effectively, and with minimal disruption to your business.
We will check the employment status and contract for each of your employees, to check any potential legal complications for auto-enrolment purposes. We will also maximise a scheme’s financial efficiency and register it with The Pensions Regulator. If required, we also have the ability to manage your payroll function.
For more information about how we can help you meet your auto-enrolment requirements, please contact us.
To view our current prices for auto-enrolment services, please click here.