Auto enrolment is a UK government initiative to help more people save for their retirement. It requires all eligible workers to be automatically enrolled into a workplace pension scheme by their employer, unless they choose to opt out. The employer must also make a contribution to the pension scheme. The goal is to increase the number of people who have a private pension, in addition to the state pension, to provide a more secure financial future in retirement.
If you are an employer even with one staff it is compulsory for you to automatically enrol eligible workers into a pension scheme.
The responsibility for complying with the employer duties rests with the employer and the Pensions Regulator can impose fines ranging from a £400 fixed penalty to a varying daily escalating penalty from £50 to £10,000.
We can guide you through the process and manage it from start to finish as part of your payroll. We can set-up a pension scheme operated by the National Employment Savings Trust (NEST), a government-backed scheme or any other scheme you choose.
We will deal with all relevant correspondence, undertake assessments of your staff to see if they are eligible workers and process the contributions statements for each payroll run.