The law on workplace pensions has changed – now, every eligible employee must be automatically enrolled in their workplace pension scheme. The deadline for completion of this is nearing; so how does it work, and what does your business need to do to comply?
How does auto enrolment affect UK businesses?
Auto enrolment has given all UK businesses new financial and regulatory responsibilities. All businesses have to create a workplace pension scheme for their employees – if they don’t, then they may face penalties from The Pensions Regulator.
Once the employer has created a workplace pension scheme, then they should then communicate the existence of the pension scheme to employees. Employers should also communicate to the employees if they are going to be enrolled, why they are being enrolled, and that they can also opt out the workplace pension scheme if they wish.
Once you have completed auto enrolment, you must also submit The Declaration Of Compliance to The Pensions Regulator. More information on your auto enrolment responsibilities as an employer can be found here.
For the employees who join your pension scheme, you need to contribute to their pension scheme every time they contribute to their pension scheme. The amount you need to contribute can be found here.
When does it need to be done by?
Each company will have a staging date whereby all auto enrolment duties must be completed. To find out when your staging date is, follow the link here.
How can Smart Pension help?
Smart Pension is an auto enrolment scheme founded by experienced finance & technology professionals, and has been designed specifically to support UK businesses faced with the challenges of auto enrolment.
Their have expertise in both investment management and technology; their regulated investment professionals have managed billions of pounds, and their tech team has helped grow some of the world’s biggest online companies.
They provide auto enrolment services for UK businesses of all sizes and are free for employers, and great value for employees. For more information and to sign up, click here now.