Auto enrolment has been introduced because as life expectancy increases, the government’s ability to fund pensions diminishes. In response, workers are being encouraged to join workplace pensions and to plan financially for their retirements.
Every company must enrol eligible employees into a workplace pension scheme and contribute towards it. If a worker does not want to take part, they have the opportunity to opt out.
Brooks Macdonald Employee Benefits has been guiding employers through the legislation, from the setting up of qualifying schemes to meeting the on-going administration and compliance requirements.
We can help you select any software you may need to support the assessment, compliance and reporting of auto enrolment. We make sure it works within your existing processes and links to HR and payroll systems, as well as pensions and master trust providers.
The Pensions Regulator has introduced safeguards to protect employees and potential employees. Under these safeguards companies can find themselves in trouble if they stop an employee’s membership of an active scheme without permission; discriminate against workers due to pension decisions; induce members to opt out of a pension scheme; or make recruitment decisions based on an employee’s likely pension choices.
Getting it right is essential because there can be significant penalties for companies that do not comply with auto-enrolment rules. The Pensions Regulator has the power to issue penalty notices to companies for each day of non-compliance. These can range from £50 to £10,000 per day, depending on the size of the workforce.
Our experts are already experienced in auto enrolment and can ensure you don’t fall foul of the rules. If you already have a scheme in place and you are not happy with the way it is being run, we can help you to manage it.
Small employers and All-Enrol
Most large and medium-sized companies have now enrolled their eligible employees into a workplace pension. By 2018, hundreds of thousands of small and micro businesses will have to do the same.
On the whole, small employers don’t have the HR and payroll teams to commit to auto-enrolment projects. To help, Brooks Macdonald Employee Benefits has developed the All-Enrol solution.
All-Enrol supports small employers in the run up to auto enrolment. It is a simple three-stage process for setting up a qualifying workplace pension scheme. It is cost-effective, fully outsourced and easy to understand, and complies with all the auto-enrolment legislation.
For further information, please contact email@example.com.
Brooks Macdonald Financial Consulting Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No 2621847. Registered Office: 72 Welbeck Street, London W1G 0AY.