Our experienced Pensions Specialists can advise on automatic enrolment and suitable employee pension schemes. If you wish, we can also implement and administer your chosen employee pension schemes for you.
From your staging date (which could be in the next 12 months), as an employer, you will have to automatically enrol entitled employees into a compliant and certified scheme, and make contributions on the employee’s behalf.
The rules are complex and our research indicates that most Small and Medium sized businesses do not have the infrastructure or systems to keep on top of these requirements.
Bankfield’s Corporate Pensions Service can take the burden away and ensure you stay in control.
October 2012 saw the start of the new pension Automatic Enrolment system, which affects every employer in the UK.
There are alternative solutions such as Group Personal Pensions (GPP) which can work to your benefit, rather than simply to your cost. It is even possible to create tax savings which can be used to part-fund the contributions you have to make as an employer.
To discuss Automatic Enrolment or other pension options in complete confidence and with no obligation, please call us on 0116 253 5600, or complete the enquiry form.
Eventually, pension contributions will have to equate to 3% of earnings from the employer and 4% from the employee, but depending on which definition of earnings you use, contribution levels could be 8 or 9% of earnings.
Employees will fall into three categories, which you will have to keep track of, as an employee may suddenly move from one category to the next. The category they fall into, will determine their level of entitlement to the scheme.
Employees who are automatically enrolled, may opt out; in which case the employer must arrange a refund of contributions and then automatically enrol them again on certain anniversary dates!
For most employers, the new regime will mean implementing a new workplace pension scheme. We do not believe that the government’s nominated NEST solution (National Employment Savings Trust) provides the necessary flexibility or support to employers.
We can implement a fully compliant scheme and manage the day-to-day administration for you, so that you can rest assured that you do not fall foul of the rules.
If you have existing schemes in place, Bankfield can advise you on how to make these compliant for the new legislation.