What Is It?
Auto enrolment represents the biggest change to workplace pensions in decades.
By law all employers will be required to set up a workplace pension scheme, and enrol all eligible jobholders into the scheme. As the employer you will be legally responsible for ensuring that:
- All employees are assessed at each pay period;
- Eligible employees are enrolled into the employer’s scheme;
- Dealing with employees who ‘opt out’ or ‘opt in’;
- Calculating pension deductions; and
- Making returns and payments to the pension scheme.
What Does It Mean For Me?
Once your business has staged, you will be required to make contributions to your employee’s pension each pay period. At present, this rate is set at 1% of their eligible pay, but will rise by 1% a year, reaching 3% of eligible pay from 6 April 2019.
All of this may seem to be incredibly daunting to you, particularly in light of the already burdensome requirements placed on you as an employer. All told, there are over 30 new obligations placed on you under auto-enrolment each taking up part of your ever in-demand time.
How Coburn McKenna Can Help
We can help you to comply with your legal requirements under auto-enrolment, leaving you free to do what you do best – Business.
Our complete package includes:
- Assistance with setting up your chosen auto-enrolment scheme;
- Data cleansing your payroll records to match your chosen pension provider;
- Handling all statutory letters and notifications to your staff;
- Calculating deductions to be made in each pay period;
- Filing all information with your chosen pension provider.