More than eight million employees have now been enrolled into a workplace pension since the launch of the Automatic Enrolment scheme in October 2012. But for those employers already set up and saving for their team’s future, the work has only just begun.
Find out all the ways Watson Buckle can help keep you comfortably on top of your workplace pension.
Whether you want to switch from one pension trust to another, or if you’re unhappy with your scheme’s current administrator, Watson Buckle can help organise a seamless transition.
The current minimum contribution rate is 8% of qualifying income (with a minimum of 3% from the employer, with the 5% difference coming from the employee).
Once every three years, select members of staff must be ‘re-enrolled’ back into your workplace pension scheme. This starts from the date of your automatic enrolment staging date.
What are the requirements?
As the employer, you’ll need to:
• Choose a re-enrolment date (which should be between three months before the third anniversary of your staging date and three months after).
• Identify staff for re-enrolment and write to them
• Complete a re-declaration of compliance (even if you have no staff to re-enrol).
Failure to comply can result in penalties, so it is important to get this right.
If you’re about to take on your first employee, congratulations! You’ve reached an important business milestone, but now is the time to get your house in order. For extra help getting started, get in touch!
Yes. As soon as you have an employee who meets the eligibility criteria, you must have a workplace pension in place.
Yes. You can choose your own pension provider for a personal or private pension.
If you join a workplace pension, the employer usually selects the provider. Employers are free to choose their provider as long as the scheme is tax-registered and meets automatic enrollment requirements.
Missing a re-enrolment date can lead to compliance action or penalties.
If you miss the deadline and need further advice on what to do next, contact us.
Yes. You can delegate the day-to-day admin of a pension scheme to some third-party providers, but not all. The legal responsibility for the pension scheme will remain with the employer and you must seek professional support if you are unsure of your requirements.
If you need advice on automatic re-enrolment or setting up a workplace pension scheme, our team is here to help.
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