All UK businesses have a legal obligation to provide an auto-enrolment pension scheme for eligible employees. Any worker earning over £833 per month or £192 per week and aged between 22 and state pension age, must be automatically enrolled by their employer into a pension plan. A worker earning £5,876 or less a year is also entitled to join the scheme, but you can choose whether or not to contribute to the pension scheme.
The Pension Regulator can impose significant fines for failure to comply.
Setting up and running a pension scheme can be time-consuming and costly. We can assist with all aspects of auto-enrolment to help remove the administrative burden.
We can help with:
- Setting up the scheme.
- Registration with The Pensions Regulator.
- Identifying and registering all eligible staff.
- Providing ongoing administration of auto-enrolment and monthly submissions to the provider.
- Forecasting and assessing the financial impact on your business.