The government has introduced pension auto-enrolment legislation in an effort to encourage more saving for retirement and help future pensioners to maintain a decent standard of living.
The impact of this legislation means all employers need to enrol their employees (above the age of 22, under State Pension Age and earning over £10,000 a year) in a workplace pension. Both the employee and the employer must make pension contributions.
In addition to the contribution costs, there are significant one-off regulatory hurdles for new businesses to meet this challenge and ongoing administrative and governance requirements thereafter. It is therefore very important for companies to plan and understand their total costs to prepare budgets.
There are a number of steps that employers must take to comply with the new legislation. The main steps, in chronological order, are:
- Assess your workforce
- Review existing scheme
- Review cost options
- Select scheme(s)
- Choose communication strategy
- Test payroll / HR systems
- Deliver communications
- Register the scheme
Find out more by downloading our factsheet here.
Dedicated auto-enrolment service
We are here to help you to meet your auto-enrolment responsibilities and to reduce the challenges associated with preparing for and introducing auto-enrolment within your workforce.
Lubbock Fine will be happy on a fee basis to:
- Understand your specific requirements and discuss your legal obligations;
- Review your existing arrangements.