Automatic Enrolment is part of the Government’s Workplace Pension Reform programme. It is part of their solution to ensure we all save enough for our old age.
Employers, regardless of size, will have to carry out certain tasks to decide whether an employee will automatically join a pension scheme (no application forms required) and potentially both parties will contribute a % of their earnings.
As with all things pensions related there are some new technical terms that have been introduced such as staging date, postponement, qualifying earnings, eligible jobholders, entitled workers and many more.
If you are an employer you will interact with The Pensions Regulator who is responsible for ensuring that employers comply with the new rules. There are penalties including large fines for non-compliance. Doing nothing, from an employer’s point of view, is not an option!
At Which Way Financial Solutions we are here to help employers navigate through the maze of Automatic Enrolment – this includes helping you to understand the rules and what they mean to you; advising you on how to structure your approach; sourcing the right pension provider as well as assisting with the implementation side of things; and educating employees as to how it will impact on them. For employers who have staged already we can work with you to make sure you continue to be compliant with current legislation. If you have experienced problems with the running of Automatic Enrolment, we can see if we can help to solve those problems.
We can provide one off and on-going employer advice/support and employee assistance/education.