AUTO ENROLEMENT

Is a law that means every employer must automatically enrol workers into a workplace pension scheme if they:

• Work in the UK
• Are aged between 22 and State Pension age
• Earn more than £9,440 a year

Firms with between 50 and 249 employees will start auto-enrolling staff between 1 April 2014 and 1 April 2015 – and the smallest of employers with fewer than 50 staff must do so from 1 April 2017.

Employer Duties

• Assess their workforce – an employer should make an initial assessment of how their workforce is likely to look on their staging date, to work out what duties they are likely to have.
• Identify automatic enrolment earnings thresholds – employer duties differ depending on whether a worker is eligible which is partially defined by their earning
• Set up an eligible scheme to fulfil their duties – the scheme needs to meet certain
• Prepare data to send to that scheme
• Prepare information to send to their workers
• Set up their payroll processes.
• Communicate with workers
• Keep records
• Employers must be ready to comply with the new duties on their staging date.

Employers will also have an ongoing duty to maintain qualifying pension provision for workers who;

• Are already members of qualifying schemes; or
• Become members of such schemes.
• They will also need to keep records of how they have complied with their duties
• They may need to provide The Pensions Regulator with Reports

Setting up a qualifying scheme

• As part of the qualifying criteria, the pension scheme must meet certain minimum requirements, which differ per the type of pension scheme.
• The minimum requirements are based on the contribution rate and require a minimum total contribution based on qualifying earnings, of which a specified amount must come from the employer.
• Certification allows employers to calculate contributions from the first pound earned (i.e. do not use qualifying earnings in their definition of pensionable pay) to self-certify that their scheme meets the requirements.

Why start organising now?

• Companies need to establish which employees need to automatically enrolled
• How will payroll deductions work
• How will they provide information to employees?
• How will employees be informed about opt out decisions
• How will companies meet they’re on going compliance duties?
• Which pension scheme will they use

Why use Curo Wealth

• Companies without a pension scheme must pick a one
• Companies must manage the relevant contributions and communications.

We can review existing pensions arrangements and help choose a new one if required.

Your initial meeting will be completely free of charge and you will be under no obligation