Workplace Pension law has changed
Every employer in the UK will be required to help their workers save for retirement. Are you ready?
If you are a UK employer you will be required to automatically enrol eligible employees into a Workplace Pension scheme. The Pension Regulator has already given your business a compulsory staging date confirming the latest date by which you need to have your new Pension Automatic Enrolment duties in place. Even if you already offer pension arrangements for your workers, you will still have some new obligations to meet.
It is important to be proactive with Auto Enrolment and sort out your solution well in advance of your Auto Enrolment staging date. Failure to meet your obligations will result in a range of civil and criminal enforcement measures at the Regulator’s disposal, as well as increased costs and reduced flexibility.
Introducing our Auto Enrolment Solutions
We have worked hard to provide you with a range of options that can be chosen to ensure you comply with the demands of Auto Enrolment, giving you access to a comprehensive service, whatever your requirements.
Option 1 – Scottish Widows and Creative Auto Enrolment
Scottish Widows offers a modest range of funds for investment and the employee’s ‘pot’ is fully portable (i.e. transferable) upon leaving your employment. This solution handles the entire process for you, from the preparation and complex decision making to the pension provision, implementation and record keeping.
There is a modest monthly support fee for the ongoing assistance needed to monitor your payroll and ensure you remain compliant.
Option 2 – NEST Pensions and LPAES
As with Option 1 above, this solution will include and deal with all of the monitoring, reporting and communication necessary. It includes advising you and the pension provider of deductions to be paid and ensuring new employees are correctly enrolled, and a full trail is visible to meet your compliance obligations.
There is a charge for the report if required and an initial fee to cover any discussions that might be needed to allow you to select the right option, taking you through to set up a scheme. The default pension fund would be provided by NEST (National Employment Savings Trust) Pensions. There is then ongoing support to maintain compliance – for an agreed modest monthly charge. This regular support is based upon sharing the pay run data before it is finalised for each period, and reviewing the workforce data against the Auto Enrolment criteria.
The NEST scheme charges employees fund management charges in accordance with statutory charging levels.