01 Mar Taking the complications out of Automatic Enrolment
It has long been recognised that most people are not saving enough for retirement and, as a result may not be able to afford to live comfortably in their retirement on just the State Pension. As people are also living longer, there is increasing strain on the State benefits system, so a private pension provision is becoming increasingly important.
11 million of us in the UK are not saving enough and will not have adequate income when we reach retirement. Only 1 in 3 workers in the private sector have a pension so to encourage workers to start building up retirement benefits, the Government introduced pension reforms through the Pensions Act 2008 that requires all employers to offer workplace pension schemes and to enrol eligible workers into their schemes. These reforms have become known as automatic enrolment.
In the past, many workers missed out on valuable pension benefits, because their employer didn’t offer them a pension, or they didn’t apply to join their company’s pension scheme.
Automatic enrolment changes this. It makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. The employer must also pay money into the scheme.
Automatic enrolment is being phased in, starting with the largest UK employers. So if you’re eligible and haven’t yet enrolled into a workplace scheme, you should be by 1 February 2018, at the very latest.
So, if you are an employer you have to automatically enrol eligible workers into a workplace pension scheme and deduct any contributions that the member is required to pay from their wages or salary, and then pay into the pension scheme on their behalf.
You will be fined up to £5,000 if you are not registered for this in time.
This new scheme is very administration heavy and as with most things government related you need to be confident in setting this up, it requires lots of forms and information to ensure you have all the details ready and the paperwork is in order, so yes, it can get complicated but it’s a legal requirement so you really have no choice.
The only choice you have as far as we can see it is to leave it up to Starfish Admin Services to take this complicated procedure away from you.
We are experts in this area having already set this up lots of other businesses and their employees.
We have teamed up with the most reputable agency that will get your enrolled: Smart Pension. Smart Pension is a High-tech cutting-edge purpose built platform. It is a One-stop-shop, end-to-end solution. Working with Starfish Admin services to get you all set up in the Fastest & easiest way.
It links with 8 other APIs and provides a fully automated service for employers. We strongly feel that it is the right company and the only company now that is looking forward to the next 2 years
What will Starfish Admin Services do:
- Gather all the information needed to get the ball rolling
- Speak to your HR department to gather all the names and details of your employees
- Liaise with them via email to ensure they know what’s happening, have all the information and can opt out.
- Liaise with Smart Pension to get you set up correctly and provide you with ongoing help and support until you are all set up and running.
- Ensure the smooth running of the scheme for you going forward.
Don’t delay this, let us take away the worry and hassle and do it for you. We would be delighted to talk this through with any business owner that needs our help. Call us on +44 (0) or email firstname.lastname@example.org