The Workplace Pension is a Government scheme to help more people save towards their retirement, and by 2018 all employers must provide a workplace pension scheme for their employees; this is called ‘auto enrolment’ as any eligible employee must automatically be enrolled into the scheme.
This will apply to all staff:
There are exceptions, and all the criteria can be found on www.gov.uk/workplace-pensions
Finding your Staging Date
To find out when your scheme should be in place, you’ll need to know your ‘Staging Date’; this is determined by how many staff are currently on your payroll and when you first became an employer. The Pensions Regulator has a handy Staging Date calculator tool on its website but you’ll need your PAYE reference number. If you don’t pay staff via a PAYE scheme, your Staging Date will be 1st April 2017 so you don’t have long to get a Workplace Pension scheme in place.
Designed for small businesses
If you’re a small business with little or no experience of setting up and running a pension scheme, or with limited administrative resources, you might want to employ the services of a pensions specialist such as Fleet Workplace Pensions who have a fixed, transparent charging structure designed with small businesses in mind.
Fleet Workplace Pensions can take on the whole auto enrolment set up and on-going administration for you from initial workforce assessments, choosing a scheme, reviewing postponement options or possible cost savings, recommending and setting up contribution structures as well as handling all staff and regulator communications as part of their fixed fees based on number of employees.
If you’ve yet to get a Workplace Pension scheme in place, or you need help with the on-going management of your auto enrolment scheme, get in touch with the specialist team at Fleet Workplace Pensions on 01252 477 955 or email info@fleetwp.co.uk
Find out more about Fleet Workplace Pensions here.
