Pension Auto Enrolment Advice

Pension auto-enrolment is a system where employers automatically enroll eligible employees into a workplace pension scheme, with both employer and employee making contributions, to encourage saving for retirement.
The value of pensions and the income they produce can rise as well as fall. You may get back less than you invested.
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This website describes our Pension Tracing Service. We are not affiliated with the Government’s Pension Tracing Service and if you have come to our site by mistake you can find the UK Government’s Pension Tracing Service here

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What is Pension Auto Enrolment?

All employers are now required by law to automatically enrol their staff into a Qualifying Workplace Pension Scheme. The largest employers have already begun to meet their legal obligations and all firms will gradually need to follow suit over the coming months.
The Financial Conduct Authority does not regulate on Automatic Enrolment.
Depending on the size of the employed workforce, there will be a compulsory deadline for employers to adhere to.

The Pensions Regulator will be regulating these changes and deferring these obligations is not an option. If not met, the penalties will be enforced and will be painful!

Who in the business is affected?

Pension Auto Enrolment requires employers to automatically enrol any eligible jobholders into a pension scheme depending on their specific staging date. Eligible jobholders are employees aged between 22 and the State Pension Age who earn in excess of £10,000 per annum (currently). These people need to be automatically enrolled into a qualifying scheme. Further non-eligible jobholders can also opt to join the scheme.

This affects everyone who employs staff, even if the company only has 1 employee!

What are the employers main responsibilities?

The business will have increased financial and administrative responsibilities.
Firstly, employers will need to register with the Pensions Regulator.
Employers will either need to offer a qualifying scheme that has been setup with a pension provider, or use the Government-run NEST scheme.
Employers will need to be able to deduct employee contributions directly from their pay and pass these contributions onto the pension provider.
Employers are required by law to communicate the changes to all employees in writing and explain what automatic enrolment means for them.
Employers will need to keep and maintain adequate records about employees and the scheme.

Employers we can help you!

If you are an employer, now is the time to start making preparations for these changes, as they are likely to have a financial and administrative impact on your business.

From our experience, it has taken between 4-6 months to implement. Although the payment date can be left until your specific staging date (if you choose), you will still need to plan ahead.

To help guide you through your obligations, responsibilities, and the options available to you, one of our pension auto enrolment specialists will be happy to provide you with professional independent advice.

Call us today for FREE on 03300 538 618 to find out more about Pension Auto-Enrolment

Looking for a Pension Specialist Financial Adviser near you? 
Contact us today to schedule a free initial appointment to discuss your pensions options!
Transferring out of a defined benefit/ final salary pension is unlikely to be in the best interest of most people.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited August 2024

Disclaimer

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Beals Wealth Management and Pension-Tracing-Service-UK.co.uk are trading styles of Beals Mortgage and Financial Services Ltd, an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited which are authorised and regulated by the Financial Conduct Authority. Beals Mortgage and Financial Services Ltd is registered in England and Wales, No: 08286166. Registered Address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, PO15 7FN

Auto enrolment, Taxation Advice including Inheritance Tax Planning, Estate Planning and Pension Tracing are not regulated by the Financial Conduct Authority.
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