A workplace pension is a way of saving for your retirement that’s arranged by your employer.
Up until recently not all employers had to offer ‘work place pensions’, however the law on workplace pensions has changed and every employer with at least one member of staff now has new duties; they must automatically enrol workers into a workplace pension scheme and contribute to it if they meet the following criteria:
- are aged between 22 and State Pension age
- earn more than £10,000 a year
- work in the UK
This is called ‘automatic enrolment’.
It’s called ‘automatic enrolment’ because it is automatic for staff – they don’t have to do anything to be enrolled into a pension scheme, but it is not automatic for employers.
Click here for some:Auto Enrolment Key Facts
Does automatic enrolment apply to you?
All employers will need to work out if automatic enrolment applies to them. However if you are an employer and have at least one member of staff who is paid via a PAYE scheme, then yes automatic enrolment duties apply to you.
What is Auto Enrolment?
You will now have to set up and offer a workplace pension to your employees. However do not panic if you haven’t already done this, you may not need to just yet.
When this law was introduced the Pensions Regulator rolled it out using a phased approached, called Staging Dates.
An employer’s staging date is determined by the number of people in the largest PAYE scheme that they use, based on the data from HM Revenue and Customs held by them on 1 April 2012.
How do you check your staging date?
The Pensions Regulator offer a staging date calculator to check All you will need is your PAYE reference.
Click here for some additional information on the stages of setting up:Auo Enrolment
Getting the help that you need.
As Accountants it is our role to support and inform our clients about Auto Enrolment. As there is also an implication on any payroll services, where applicable we are also obligated to offer support in this area.
To support our clients with understanding the options for them, we have teamed up with local pension and investment specialists Richard Jacobs, and have worked together to offer a short workshops on the topic.
To learn more about Auto Enrolment here are some Key Facts
We want to extend our support to other businesses in and around our area by inviting any employers who have not yet set up their workplace pensions along to one of our workshops.
Our workshop is designed to:
- Provide you with an overview of what you need to know about Auto Enrolment and covers:
- What is it.
- Why you need to do it
- How much it will cost you.
- Which pension schemes are available.
- Give you an overview of how Auto Enrolment will impact you from a payroll perspective
- Give you an opportunity to discuss your requirements in more detail
This short workshop is purely to offer and advice and make you aware of what you need to know. Whilst there will be opportunity to discuss your business at the workshop with both the Slaters and Jacobs teams, a full detailed discussion would need to take place individually.