What is automatic enrolment?
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension and pay into it. This is called 'automatic enrolment'.
The Pensions Regulator is responsible for ensuring that all employers comply with workplace pension law. It's important that you understand what you'll need to do and prepare early.
Whether you're an architect, a newsagent, have a personal care assistant or a nanny, you are an employer from the day your first member of staff started working for you and you have legal duties.
How does it work?
All employers have duties, and what you need to do will depend on whether you have staff who need to be put into a pension scheme or not. Each time you pay your staff (including new starters), you must monitor their age and earnings to see if they need to be enrolled into a pension scheme, and how much you need to pay in. You will also be required to complete an online Declaration of Compliance to tell The Pensions Regulator what you've done for automatic enrolment.
Let 10BOB Payroll manage your pension auto-enrolment, and we will:
Set up a workplace pension scheme that meets the requirements of the new pension rules, with the National Employment Savings Trust (NEST).
Send out the relevant enrolment letters to your employees, to inform them of their contribution options.
Monitor the status of your employees with every pay run, and automatically enrol eligible job holders.
Provide your pension provider with employee details, and arrange for contributions to be paid to them on time.
Manage all requested opt-ins and opt-outs.
Register your company with The Pension Regulator, and work with the Regulator to ensure your auto-enrolment processes remain up to date.