What is a workplace pension?

The government introduced new pensions legislation called auto enrolment in 2008. This made it compulsory for employers to auto enrol eligible workers into a qualifying workplace pension scheme, starting from October 2012.  

Workplace pensions are set up by the employer and are made up of contributions from the employee, the employer and tax relief from government.

Who is eligible for a workplace pension scheme?

UK workers aged between 22 and state pension age and earning at least £10,000 per year, must be auto enrolled. The earnings trigger is subject to annual review and may change.

UK workers between the ages of 16 and 74 with earning less than £10,000 a year, also have the right to join it voluntarily (known as opting in).

How do I set up a workplace pension for my employees?

Setting up is simple.

  1. Find the date by which your auto enrolment duties apply. This is known as your staging date and if you don’t know it already, you can find it below:Workplace pension staging date
  2. Download and follow the step by step guide to auto enrolment which explains everything you need to do to get a pension for your workforce.
  3. Select your provider. Sign up quickly and easily with NOW: Pensions today.

Benefits of a getting workplace pension scheme for your company:

While every employer has a legal duty to set up a workplace pension for their eligible employees. Offering a high quality scheme can bring real business benefits.

As an employer, a workplace pension is an opportunity to offer a benefit your employees will genuinely value. Setting up a scheme may seem daunting, but with NOW: Pensions as your pension provider, it’s simple. Sign up or contact us to get started.

auto enrolment


 

I'm excited by the opportunity to help bring to the UK auto-enrolment market NOW: Pensions, a customer-friendly and responsive trust-based alternative to NEST and to contract-based offerings. — Chris Daykin, the former Government Actuary
Over a short period of time, NOW: Pensions has established itself as a respected and credible player in the UK workplace pensions market attracting thousands of employers and hundreds of thousands of members. Joining the team at such a crucial time… — Jocelyn Blackwell, Founder of Dunnett Shaw and Raising Standards in Pensions Administration
I've known ATP for many years and have enormous respect for the effectiveness of their investment strategy. I'm convinced that NOW: Pensions can become a major player in the UK and look forward to being a part of that success. — Chris Daykin, the former Government Actuary
Why do we insist on having a choice of fund manager when the evidence shows there is usually no benefit to be gained…and there is always a negative impact in terms of cost? — Anthony Hilton financial editor of the Evening Standard writing in Pensions World, June 2013
...its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees. — Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland