Workplace Pensions – Auto Enrolment
A workplace pension scheme can be mutually beneficial for both employers and employees.
As an employer a workplace pension is an opportunity to build a strong benefits package for your employees, thus enabling you to attract the right employees and create loyalty. A Workplace pension may seem like a difficult and expensive process but with County Associates (UK) LLP we will make it easy.
As an employee it’s a golden opportunity to make sure you have sufficient funds when you retire. Pensions can seem very complicated and opaque, but at County Associates (UK) LLP our workplace pension proposition is built around total accountability and transparency, to provide our clients with a simple, straightforward and cost-efficient workplace pension options. Just contact us for a free initial meeting.
What is Auto Enrolment?
Auto enrolment legislation has been designed to encourage a retirement savings culture in the UK. This new legislation requires all employers to automatically enrol some or all members of their workforce (depending on age and salary level) into a pension scheme that meets certain minimum standards. Some workers will also have the right to ask their employer to enrol them into an auto enrolment pension scheme. Depending on the worker’s age and salary level, employers may be required to make contributions to this pension scheme, adding to the contributions made by their workers.
Auto enrolment will be phased in over 5 ½ years with the largest employers leading the way with the first staging date on 1 October 2012, followed by medium-sized employers and lastly small and micro employers. The size of an employer’s largest PAYE scheme will determine at what point the new duties affect their organisation. The Pensions Regulator will write out to employers 18 months before their auto enrolment staging date.