The rules are now in place and there are a number of issues you'll need to consider to practically implement the regulations. The following section may help you consider the changes, the impacts and how you might respond.
We can't give advice but some likely options are:
You could also consider a 'hybrid approach' where different product solutions are used for different groups of members.
The choice of solution(s) will depend upon factors such as:
By default all members' contributions will be passed to this arrangement, therefore care should be taken to ensure it is suited to the profile of eligible jobholders within your organisation.
Consider the following questions when choosing your default arrangement:
Introducing automatic enrolment needs careful consideration and planning. Here are the key steps you might need to follow:
|Know when you need to be ready - be sure of your staging date||Provide a point of contact||Develop your initial plans|
|This is the date you need to start enrolling your jobholders. The Pensions Regulator will inform you of this. You can find out your staging date by entering your PAYE reference for your largest payroll into the staging date tool on The Pensions Regulator's website.||To receive ongoing help, register on The Pensions Regulator's website for update emails. Also, provide a point of contact to ensure information goes to the right person within your organisation.||You'll need to start planning well in advance of your staging date. Visit The Pensions Regulator's website - you may find their automatic enrolment planner useful.
To understand the amount in contributions which will be required for the plan, visit The Pensions Regulator's contribution calculator.
|We can’t control what’s shown on any other websites.|
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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.
If you would like your plan to qualify under the rules, we may be able to help you, but you will need to let us know six months before your staging date.
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.
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.