Since the introduction of the new workplace pension laws in 2008, there have been various measures implemented to aid workers with building up a pension fund for retirement. One of those legislations is the Auto- Enrolment Scheme. This allows employers to workers in a workplace pension pool.
When the laws were introduced in 2008, the original aim was for all UK businesses to provide all employees with a workplace pension, in the case that they are eligible for the scheme. At TFMC Farnborough, we understand that auto-enrolment is a time consuming and complicated subject. That is why we at TFMC offer Auto Enrolment Farnborough.
Auto-Enrolment Farnborough: When are your Employees Eligible for Auto-Enrolment?
There are a few clear rules to determine whether or not your workers are eligible for the auto-enrolment system.
- A person will be Eligible for auto-enrolment if he/she is at least 22 years old and below state pension age, works in the UK, and earn more than £9,440 a year. The worker will be automatically enrolled.
- A person will be Non-Eligible if he/she works in UK, is aged at least 16 years old and below state pension age, and earning between £5,668 and £9,440 a year. You can earn more than £9,440 if you’re between 16 and 22, or between state pension age and 75. Non-eligible workers will have a right to opt in but will not be automatically enrolled.
- A person will only be ‘Entitled’ to join a pension scheme if he/she is a worker who ordinarily works in UK, is aged at least 16 but under 75 and earns £5,668 a year or less. In this case, the employer is not required to make contributions towards their pension.
Your employees have the right to opt-out at any time, no matter if they’re eligible for the scheme or entitled to opt in.
Auto Enrolment Farnborough – How we can Help You:
As Auto Enrolment can take some time to complete depending on the size of your company, outsourcing the tasks is the most cost-efficient option. As the process of auto-enrolment is often a one-off, hiring an in-house specialist is often moot. At TFMC Farnborough, we offer to take care of all mandatory Auto-Enrolment Farnborough tasks for your company, included but not limited to:
- Staff assessments to determine the category of each worker.
- Managing all contributions and correctly timing these payments.
- Contacting employees and keeping them updated on any changes in the terms
- Completing a declaration of compliance to confirm to the Pensions Regulator that you have fulfilled your legal duties
- Keeping the records related to Auto – Enrolment Farnborough
Call us today for more information on how we can help you build a better retirement for your employees.