Pension – Auto Enrolment
Taking care of your workplace pension scheme
How we can help?
We take care of pensions from start to finish including setting up your scheme with the regulator and provider. At BFS we can assist and advise you throughout this process and can check your employees’ eligibility to join the scheme, ensure your scheme meets the requirements and maintain employee records.
Registration of pension
Running, controlling and updating provider/regulator on a weekly or monthly basis in line with payroll
By law you now need to provide your employees with a workplace pension, unless they opt out. These changes affect every workplace and make sure that every worker will have a chance to save for their retirement. From the date of employment they are automatically enrolled and have a month to choose not to join or opt out. If they do nothing they will be enrolled in the scheme.
They will make contributions to their retirement fund from their pay as long as they are employed or until they take their money out. Workers and employees can both contribute. Contributions are made up from money from the employees wages or salary, from their employer and tax relief from the government.
As an employer what do you need to do?
- Ensure you have a workplace pension scheme in place that meets the requirements
- Tell your employees about Auto Enrolment and the company’s pension scheme
- Find out which employees are affected, depending on their age and income they might not have to automatically join but may be entitled to opt in
- Automatically enrol staff to the scheme. Employees may elect not to be enrolled
- Maintain accurate records of the scheme members and eligibility
- Ensure that any pension contributions deducted from employees wages or salary are paid to the scheme provider on time
Workers Eligibility Below 22 or Over Pension Age
- If an employee earns over £5,824 a year they can ask to be enrolled and are entitled to employer contributions
- If an employee earns under £5,824 a year they are ask to be enrolled and are not entitled to employer contributions
Workers Eligibility Aged 22 to Pension Age
- If an employee earns over £10,000 they must be automatically enrolled and are entitled to employer contributions
- If an employee earns over £5,824 and up to £10,000 a year they can ask to be enrolled and are entitled to employer contributions
- Workers earning up to £5,824 can ask to be enrolled and are not entitle to employer contributions