What is auto enrolment?
To encourage employees to save for their retirement, employers with at least one member of staff are legally required to provide an auto enrolment workplace pension scheme and make contributions to it on behalf of all qualifying employees.
Auto enrolment is being rolled out across UK businesses in phases. Each business has been assigned a staging date based on their PAYE number. Many smaller or recently established businesses will have their staging date before mid-2018. After this time staging dates will only apply to new businesses.
The Pensions Regulator (TPR) has set criteria for:
- auto enrolment compliant pension schemes – if you plan to use an existing scheme you will need to check it meets the requirements;
- Employees that:
- must be automatically enrolled in the pension scheme;
- can elect to enrol in the pension scheme; or
- are excluded from the auto enrolment pension scheme.
- How you must manage your workplace pension on a day-to-day basis to ensure it remains compliant.
WMT can manage your auto enrolment pension administration alongside your payroll.
Get in touch with our payroll services team to find out more about how they can help you meet your auto enrolment responsibilities.
