If you'd like your plan to qualify under the rules, we might be able to help you with this but you'll need to let us know at least six months before your staging date. We'll let you know if your plan meets our requirements.
If the charge cap is not met, you'll need to act upon our communication as soon as you receive it from us.
For any queries about this, or to inform us about how you intend to proceed, please contact us through your usual plan administration channel.
We'll let you know if you meet the requirements and if you have to do anything.
Remember that although, subject to our agreement, your existing plan may be used for qualification purposes, you'll still need to consider how you automatically enrol new eligible jobholders.
If Prudential accepts a plan for qualifying purposes , the following outlines our payment methods. Contributions may be paid to Prudential either as a variable or fixed amount.
Contribution levels for this type of scheme are set up based on an expected level of regular contributions. However, you can vary the amount sent for each member in each pay period depending on actual scheme earnings. The schedule of member contributions must be submitted with each payment.
In general contribution levels for this type of scheme will be set at a fixed regular amount for a 12 month period. Although it is possible to make mid year changes, this isn't an automatic process and requires written requests in advance of the change. As fixed basis contribution is less flexible than a variable scheme, it'll be more appropriate if the pensionable pay is the member's basic pay (Alternative tier 1) as this might not change each pay period throughout the year.
There's no requirement to use your current Prudential plan for qualifying purposes.
There's no requirement to use your current Prudential plan for qualifying purposes. However, from October 2012, the Government introduced a duty for all employers to automatically enrol all their eligible jobholders into a qualifying pension plan. This is a legal obligation.
If you already have a qualifying pension plan with us, you should have received communication from us confirming what action if any is needed to comply with the regulations. This communication was titled 'Better Workplace Pensions - 6 April 2015'. For any queries about this, please contact us through your usual plan administration channel.
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Every employer with at least one employee has a duty to automatically enrol their employees into a workplace pension scheme, and to pay contributions at least equal to minimum levels set by the Government in respect of these employees.
There's a lot to do, our checklist could help you.
Bite-sized explanations of terms used.
The Government has created an employer responsibility to automatically enrol eligible jobholders into a good pension plan, and to make contributions to it.
To make sure we offer customers value for money, like all who offer workplace contract-based plans, we answer to an independent group called the PCPTL.
Answers to common questions about automatic enrolment.
The rules are now in place and there are a number of issues you will need to consider to practically implement the regulations.
On the 6th April 2015, the Government introduced additional requirements for workplace pensions.
If you are an Employer and want to discuss how we can work together or to find out more details about our corporate solutions, please contact us.