Auto-Enrolment
All employers in the UK will be affected by the introduction of Workplace Pensions and the need to automatically enrol their employees into a qualifying Workplace Pension. The effect of Workplace Pensions and auto-enrolment will have a significant cost and process impact on businesses throughout the UK.
The following bullet points provide a brief summary of the employer duties incumbent under the new Workplace Pensions legislation.
Since October 2012 any UK employer who employs at least one person, will be legally obliged to:
- Set up and register a pension scheme suitable for automatic enrolment
- Automatically enrol certain workers (known as eligible job-holders) into that pension scheme
- Arrange membership of a pension scheme for certain other workers
- Make contributions for eligible job-holders and certain other workers
- Manage the automatic enrolment, joining and opt out processes
- Provide specific information to workers, pension scheme providers and The Pensions Regulator TPR)
- Keep records of how they have fulfilled and continued to fulfil their duties
The Pensions Regulator (TPR) is ultimately responsible for ensuring that employers meet their obligations in relation to Workplace Pensions Reform and will sanction substantial fines for non compliance.
Workplace Pensions Made Easy pride themselves on their ability to guide employers through the Workplace Pensions maze via a clear and well planned approach.