Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it. Also known as, “auto enrolment”, it applies if you employ at least one person.
Our experience shows the work involved in setting up a new auto enrolment scheme (or changing an existing scheme) should not be underestimated. Its affects payroll too, so it is vital the processes (and systems) work together.
From 6 April 2019, the minimum your employer has to contribute increased to 3% of your salary (within certain limits detailed below), up from 2% previously. At the same time, the minimum total enrolment contribution rose to 8% (that’s the total you and your employer together must put in).
Most workers in the UK are automatically enrolled into a workplace pension scheme by their employers. From the date they’re automatically enrolled they have a month to ‘opt out’ Workers and employers can both contribute to Nest to build a retirement pot that’s invested on behalf of the worker.
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Please contact us or call 0203 883 4777 if you need further advice, have any questions about our services in the UK, or would like a free consultation or a fixed quote.
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