Workplace Pensions
The following slides on Workplace Pensions are not financial or
pensions advice and are provided to highlight this regulatory
requirement for all employers.
Get more information on running your
pension scheme from The Pensions
Regulator.
http://www.thepensionsregulator.gov.uk
Workplace Pensions
When your business must start doing this
(known as a ‘staging date’)
Employer size (by PAYE
scheme size) or other description
Automatic Enrolment
duty date
From
To
50 to 249 members
1 April 2014
1 April 2015
Test tranche for less than 30 members
1 June 2015
30 June 2015
30 to 49 members
1 August 2015
1 October 2015
Less then 30 members
1 January 2016
1 April 2017
Employers without PAYE schemes
1 April 2017
…
Workplace Pensions
•
You must enrol all workers who:
–
–
–
•
are aged between 22 and the State Pension age
earn at least £10,000 a year
work in the UK
You must write to each member of staff to tell them how automatic
enrolment affects them and about their rights. This is a legal requirement.
The Pensions Regulator has provided an employer letter template tool
Letter templates for employers tool .Find the right templates to enable you
to write to all your staff.
• ACTION:
• review your FINANCIAL PLANS AND BUSINESS PLANS as you will
need to make an employer’s contribution to the pension scheme for
those workers, ranging from 1% now to 3% in 2018.
Finding advice on setting up a
Work Place Pension scheme
Workplace Pensions
• Check exactly what information your pension provider
needs - as a minimum, for each of your employees
you’ll need their:
• Name, address, date of birth, National Insurance
number
ACTION:
• Check your Data Protection protocols for staff
information cover this and get them revised if they do
not.
Workplace Pensions
• You must pay any pension contributions you take
from your employees into your staff pension scheme
by the date you’ve agreed with your provider.
• This date must be no later than the 22nd day (19th if
you pay by cheque) of the following month.
• You may be fined by The Pensions Regulator if you
pay late or don’t pay the minimum contribution for
each member of staff.
WORK PLACE PENSION
ACTIONS:
• Get advice and agree your pension scheme in good time
before your staging date
• Understand the costs of the scheme and how you can
afford employers contributions
• Put in place appropriate staff communications
• Think about your business and finance, cash-flow, and
sustainability and review your pricing and operational
costs if necessary
You must check your staging date on the
pension regulator website