
The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties, including putting those who meet certain criteria into a workplace pension scheme and contributing towards it. This is called automatic enrolment. It’s called this because it’s automatic for your staff – they don’t have to do anything to be enrolled into your pension scheme. But it’s not automatic for you. You need to take steps to make sure they’re enrolled. BBPS can ease the burden & set up a full AE package for your business.
What’s Changed?
Who is affected?
When will auto-enrolment take effect?
New employer duties are being gradually introduced. They have already been applied to most organisations throughout the UK. The minimum contribution has been introduced at 2% of a worker’s pay. This will gradually rise to 8%.
How can we help?
As Auto-enrolment specialists our objective is to offer a holistic service to SME’s. Our aim is to ensure that SME’s are able to fulfil their new “Employer Duties” efficiently and with the minimum fuss. We will work with you to develop a solution which meets the needs of you and your employees.
The first steps . . .
Auto Enrolment Implementation
Aftercare
Automatic Enrolment means that Eligible Jobholders become members of the pension plan immediately. Employers will have to ensure their employees have information about the scheme and they will have to deduct pension contributions from the employee’s salary. Employees will be able to opt out but only after the first contribution has been deducted. All employers will have to ensure that they have a pension arrangement that complies with the new legislation. This can be an existing arrangement which may require some modification or a new arrangement.
Auto Enrolment Jargon Buster
Automatic Enrolment is a new concept to most people, the pension jargon is where some people are going wrong. That’s why we have come up with the Auto Enrolment Jargon Buster. There is now no need to be a financial adviser or pensions expert to understand what the changes mean.