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Auto Enrolment

The Information Employers need to know

If you need HELP and PROFESSIONAL ADVICE in getting your Workplace Pension Scheme in place Opus Gold Finance can help you. We have reduced our fees for SME’s from £2,500 to £1,500 for companies that want help in setting this up. This £1,000 saving is available for a limited time only!

The basic information

  • Auto Enrolment is the Governments latest attempt to address the shortfall in UK pension savings.
  • Work is on-going to introduce a number of changes to UK pension planning. There are three fundamental changes proposed.
  • There is likely to be a ‘flat rate’ state pension, eradicating the need for means tested benefits.
  • The state pension will start to be paid later in life.
  • The introduction of Auto-Enrolment legislation, which will be the first phase to come into place, is summarised below.
  • Auto-Enrolment legislation means that all employees will be auto-enrolled into a work place pension scheme from 2012 onwards.

 

The new employer responsibilities are as follows:

  • the auto-enrolment of working individuals into a pension scheme, and
  • compulsory pension contributions by employers and employees

Auto-enrolment means that an individual is automatically enrolled into their company’s qualifying pension scheme without any action on their part. Under the legislation, this will become a legal requirement for all UK employers.

Employers can choose to auto-enrol jobholders into a qualifying auto-enrolment private pension scheme or into the government’s scheme (NEST).
The total minimum pension contribution that needs to be paid into a scheme is 8% of qualifying earnings (band earnings up to a maximum amount), with the employer needing to contribute at least 3%. Please note that qualifying earnings differ from many current employers calculation of pensionable earnings, as it includes ALL earnings not just basic pay.

Auto Enrolment: Step by Step

FIXED FEE AUTO ENROLMENT SERVICE NOW £1,500 (+ VAT) - SAVE £1,000 FOR A LIMITED TIME
  • All employers must register their qualifying pension with The Pensions Regulator (TPR) within four months of their Staging Date.
  • All employees must be notified by their employer with details of the pension.
  • Employees will be able to opt out of the scheme, but if they do, the employer will then need to re-enrol them back into the scheme every 3 years.

USEFUL INFORMATION

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Make sure you're up to date with the new legislation

FIXED FEE AUTO ENROLMENT SERVICE NOW £1,500 - SAVE £1,000 FOR A LIMITED TIME
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