Workplace Pensions

What do you currently have in place?

Are you offering your employees the opportunity to contribute to a pension scheme?  Do you have a Group Personal Pension (GPP), an Occupational Pension Scheme or a Group Stakeholder Pension in place?

Does it meet the requirements for Auto Enrolment ?

By April 2017 all employers are expected to have all employees, who meet the requirements, auto-enrolled into a suitable pension scheme unless they have opted-out.  The minimum contribution that needs to be met by October 2018 will be 8% of earning between £5668 and £41450 with a minimum of 3% being paid by the employer.

When was it last reviewed?

Have you had an annual review of your employee pension scheme to ensure all employees’ contributions meet current requirements and salary?

How are the members communicated with and at what cost?

Have you considered the administrative costs of updating your employees on their opt in or opt out and their pension  updates every year?  Have you consider the most efficient way for this to be done in your business?

Got a question? Please get in touch!