Auto Enrolment FAQ
Frequently Asked Questions
What is Auto Enrolment?
It is legislation introduced to address the fact that most of us save far too little towards our retirement. The legislation forces those who meet specific criteria to enrol in a pension scheme and save towards their retirement. It also compels your employer to save for you too and will affect millions of employees.
Who is affected?
Most of the UK workforce will be affected by this legislation. There are some specific rules that take into account age, your earnings level and type of employment. You can contact us and we can explain how you will be affected on a case by case basis.
Who will pay?
Both the employee and the employer will pay into the scheme and so the cost is shared. Additionally there will be a cost for the employer in meeting their administrative obligations towards the process.
What should I do now ?
You need to act now as it takes time to set up a pension properly and prepare for this change. Consider the following as an outline plan.
- You need to nominate a point of contact (we can do this)
- You should know your staging date and develop a plan (we can do this)
- Assess your workforce (we can do this)
- Review any current pension provision (we can do this)
- Communicate changes to all of your workforce (we can do this)
- Automatically enrol your eligible jobholders (we can do this)
- Register with the regulator and keep records (we can do this)
- Contribute to your workers pensions (we can’t do this but we can process it through payroll)