Auto enrolment pensions for UK employers

If you are a UK employer you are likely to have received notification from the UK pension regulator with details about auto-enrolment. The employer staging date is dependent on workforce size with countless large employers already enrolled and many small businesses having to comply with the new rules over the next couple of years. Once you have received notification of your company’s staging date you will need to provide a nominated contact for all future communications with the UK Pension Regulator. UK employers should be aware that there are minimum contributions which are detailed below:

• From employees staging date to 5 April 2018 – Employers (1%) plus employees (1%)
• From 6 April 2018 to 5 April 2019 – Employers (2%) plus employees (3%)
• From 6 April 2019 – Employers (3%) plus employees (5%)

There are specific rules regarding the notifying of changes to all employees and how to deal with the process of an employee opting in or out of the scheme. As a UK employer doing nothing is not an option as large penalties are incurred for non-compliance. Therefore, it is important that you understand the processes that are involved and or work with someone that can help you implement auto-enrolment for your workforce.

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This post was written by sherlockiscool