It is mandatory for businesses to automatically enrol certain employees into a workplace pension scheme.
A professional employee benefits consultant can help you navigate the complexities surrounding workplace pensions and ensure that you meet your legal responsibilities and provide a suitable scheme.
How we can help you
Our independence means we have access to the whole market and can select a suitable, cost-effective workplace pension solution for your business.
By working with us, you can provide a workplace pension that both meets your legal requirements and the needs of your employees.
We can also help you with employee engagement, via group presentations and employee consultations.
- Pension scheme review – if you already have a workplace pension scheme in place, we can help you make sure that it is still suitable.
- Pensions scheme setup – if you have yet to set up a workplace pension scheme, we will work with you to ensure you implement a solution that meets your legal requirements and the needs of your employees.
- Salary exchange – we can advise of this complex tax-efficient arrangement. It provides employees with higher pension contributions while reducing your business’s National Insurance expenses.
- Employee education and engagement – to improve employee engagement, our specialist consultants can provide education and guidance via group presentations and individual employee consultations.
Our expert team will take the time to understand your business’s objectives prior to recommending suitable solutions.
Your consultant will continue to review your arrangements throughout your ongoing relationship with us. This will ensure that they continue to meet the needs of your business and employees, whilst remaining in line with pension legislation.
If you have any queries about your arrangements, your support team will be able to help you.
You will be provided with a full breakdown of charges to agree prior to the commencement of any work
Your consultant will work with you to identify what your business wishes to achieve with your workplace pension arrangements.
Your support team will carry out thorough research to implement a suitable cost-effective workplace pension solution.
Your consultant and support team will communicate with you periodically to ensure the ongoing suitability of your workplace pension arrangements.
Take a look at the frequently asked questions below to find out more.
There are two main types of workplace pension schemes to consider: Defined Benefit schemes (DB), and Defined Contribution schemes (DC).
Any employees over the age of 22, living in the UK, and earning more than £10,000 will be automatically enrolled into your workplace pension. Employees who do not immediately meet these criteria will also have the option to opt-in if they are eligible. Employees can opt-in and opt-out as they wish but they can only do this once a year.
As an employer, you will need to decide what rate of contributions you will make and whether this will be a blanket rate across all your employees.
You must contribute a minimum of 3% of qualifying earnings as an employer. The total minimum contribution, including that of your employee, should equal 8% (inc. 5% employee contribution).
- The date of your employee’s enrolment.
- the pension scheme that they will be enrolled in.
- how much will go into their pension (as a proportion of their salary or as an amount).
- how they can opt out of the pension, should they wish to do so.
You should also refer them to any resources supplied by the pension provider.
Be mindful not to give advice about a particular pension investment decision if you are not qualified to give financial advice. Instead, recommend them to a financial planner who will be able to give them more specific advice.
All employees should be given information regarding your workplace pension scheme. You may choose to refer them to resources regarding pension choices, but you should not give them advice about a particular decision as you are not qualified to give financial advice. Instead, you can refer them to a financial planner who will be able to give them more specific guidance or advice.
As the scheme is regulated and has a formal disciplinary process, you may be investigated by The Pensions Regulator (TPR) if you are found to have not completed your duties as an employer. They may take enforcement action such as compliance notices and penalties. If you have missed contribution payments, you will be ordered to backdate these, and they may enforce that you pay your employee’s missed contributions too.
Take a look at our useful resources below to find out more. Additional content is available via our resource centre.
Save money with salary exchange
Salary exchange could be a viable way to save on National Insurance Contributions. Read our article for more information.
Group income protection (GIP)
Group Income Protection policies can support your organisation and employees. Read our article for more information.