Auto Enrolment
Employers! Are you Automatic Enrolment ready?
Have you adequately planned in advance of your staging date?
94% of all UK employers are set to enrol over the next 2 years and many firms will now be receiving letters from the Pensions Regulator drawing to their attention their legal requirements.
Employers now have a statutory duty to automatically enrol all eligible jobholders into a qualifying workplace pension scheme and make contributions. Broadly speaking this includes everyone aged between 22 and state pension age, working in the UK and earning more than £10,000 (2014-2015 earnings threshold) unless they are already an active member of a qualifying scheme.
Contributions are being phased in. Until 30 September 2017, the minimum total contribution rate will be 2% of a band of qualifying earnings, of which 1% must be contributed by the employer. From 1 October 2017, contributions will increase to a total of 5%, with a minimum of 2% from the employer. From 1 October 2018 contributions will increase to 8% of band earnings, with a minimum of 3% from the employer. Qualifying earnings are made up of specific components of pay including wages, salary and bonuses.
There is a window time to deliver to UK business an auto-enrolment solution and Ten can assist in delivering an auto-enrolment compliant solution to meet employer statutory requirements. It is designed to take away the headache of auto-enrolment compliance and to deliver an all in one solution for auto enrolment.
Employers with less than 30 employees are now being phased into the government’s automatic enrolment pension scheme.
Companies are already being fined heavily by The Pensions Regulator for not choosing a pension provider, being ready on time and getting it wrong!
Why choose a compliant Automatic Enrolment Scheme and what are the core benefits to my company and my employees?
- Assessing your staff for auto-enrolment and processing opt ins on your behalf.
- Employer and employee consultations and visits.
- Online log in portal for employers and employees handling all communication and contact compliance duties.
- Employer indemnity insurance policy against regulator fines.
- Data checklist process for your payroll department.
- Low cost charges for your company and employees without any compromise on quality or service.
The Pensions Regulator recommends that employers start the automatic enrolment preparation process 12 months before your respective staging date. Ten will implement an action plan tailored to your business and make the entire process hassle free from start to finish.
Book your employer assessment with us today by completing your details on the Quick Start form to the right of this page and we will contact you at a convenient time for an initial discussion on your circumstances or call us on 028 91 856991.