What is Auto Enrolment?
Auto Enrolment legislation has been brought in by the Government to encourage a retirement savings culture in the UK.
This new law requires all employers to automatically enrol some or all members of their workforce (depending on age and salary level) into a pension scheme that meets certain minimum standards.
Some employees will also have the right to ask their employer to enrol them into an auto-enrolment pension scheme. Depending on the employee’s age and salary level, companies may be required to make contributions to this pension plan, adding to the contributions made by their workers.
Enrolment for your firm is mandatory and the fines for not doing it on time are enormous!
The first staging dates commenced 1st October 2012 for large businesses, with medium sized employers and lastly small and micro companies being required to have plans in place by mid-2017. The size of a company’s largest PAYE scheme will determine their staging date, and the Pensions Regulator will write out to employers 18 months before to advise them of this.
How we can help
We offer our clients a bespoke compliance manual which will in many cases be free of charge.
It has been compiled to ensure that all of our clients have full details of what they must do to comply with the pension regulations.
- A written plan of action.
- Clear instructions on how to set up any new scheme.
- Instructions around ongoing record keeping.
- Templates and supporting documentation to assist with employee communication.
Important: – The SMQ Group is unable to arrange pensions or put you in touch with pension providers as these are regulated investments.The SMQ Group’s compliance guide works on the basis that you have independently established a pension scheme with these providers. The SMQ Group does not endorse, promote or recommend any pension providers or products.