The Pensions Act 2008 introduced new legislation relating to workplace pension schemes and employers’ duties to auto-enrol eligible jobholders who are not already included within company pension schemes.
The legislation was introduced because there is a huge shortfall in saving for retirement, and it is a low priority for many people. Faced with increased life expectancy, having to work for much longer and living with reduced income in retirement, the aim is to encourage saving by giving employees access to a work-based pension scheme, with a minimum level of pension contributions.
We have the knowledge, experience and expertise to help you manage the auto-enrolment process successfully. We can work with you to ensure you are able to provide a pension scheme that is fit for purpose, tailored to your workforce and compliant with legislation.
We can also work with you to ensure the scheme you put in place delivers against the six principles that the Pensions Regulator says should be delivered, and necessary for members to receive a good outcome.
Download our auto-enrolment guides to put yourself in the picture
You will need to explain auto-enrolment to your workforce. Our employee announcement contains all of the relevant information to enable you to do this.
Under auto-enrolment rules, eligible jobholders cannot be required to make an active choice. There must be a default option in place. Our guide to selecting and managing the investment strategy explains the requirements of the default option.
What Makes a Good Auto-Enrolment Scheme?
The Pensions Regulator expect that the pension scheme chosen for automatic enrolment can deliver good outcomes for retirement savings. The are six elements necessary for members to receive good outcomes. We can guide you through this decision-making process.
For more information about our services or to arrange a meeting with one of our consultants, simply complete our enquiry form, send us an email or call our Cambridge office on 01223 720209 or our Norwich office on 01603 692733.