What is Pension Auto-enrolment?
Automatic enrolment (or Auto-enrolment) is the new system being introduced where all employees will be automatically enrolled into a workplace pension scheme. It will be law by 2018 for all employers to operate a pension scheme for qualifying employees, with employee and employer contributions.
It is estimated it could take a small business up to 103 working days to introduce an auto-enrolment scheme, and therefore it is important to start planning for this as soon as possible.
Small businesses will be faced with increased costs from operating an auto-enrollment scheme, either from processing time to additional pension contributions.
There are ways to minimise these costs and it is important to obtain professional advice to review your specific requirements.
How can we help?
We are a firm of Chartered Accountants in Weston-super-Mare with a professional payroll team who will be able to assist you with auto-enrolment. We also have a range of professional partners who can advise on pension schemes and policies.