Workplace pensions are arranged by employers to enable employees to save for their retirement. By 2018 all employers must provide a workplace pension for eligible staff – this is also known as ‘automatic enrolment’.
How do Workplace Pensions work?
A percentage of your employees’ pay will be put into the pension scheme automatically on each pay day, and as an employer, you will also need to contribute a certain percentage towards your eligible employees’ pensions.
If you don’t currently have a workplace pension scheme or you want to find out more about eligibility, please contact the Worcestershire Business Central team today on 01905 677 888. We can offer guidance and direct you to the most helpful resources.
Your Auto Enrolment Duties
As an employer, you will need to set up a workplace scheme, if you do not already have one, or check that your current scheme meets the automatic enrolment rules. Failing to do so, could result in a compliance notice or penalty fine, so it’s important to be aware of your automatic enrolment duties.
Need More Information?
If you need help with workplace pensions, speak to Worcester Business Central today.