This legislative change means every employer is obliged to automatically enrol workers into a workplace pension scheme if they are aged between 22 and state pension age, earning more than £9,440 a year, and working in the UK.
The aim is to ensure that people start contributions at an early stage in their working lives,
changing the mind-set of the way the people of Britain save.
Now we are just at year one, and a lot of businesses have a long road ahead to ensure they comply before the legislative changes apply to them.
A recent survey in September 2013 showed that 60% of firms did not have a workplace pension scheme in place.
Of the 38% that do have a pension scheme, 15% said their scheme was not compliant with automatic enrolment legislation.
It is imperative that businesses’ understand the need to build in increasingly larger amounts of contributions
for their employees into financial forecasts as well as communicating the legislation effectively to employees.
Preparation is key to the success of the scheme, and businesses need to seek the support they need before
they are due to stage enrolment.
Our focus is on making the introduction of this complex legislation as simple as possible for businesses
of all sizes please call us for a no obligation review.
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