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.
- Find the date by which your auto enrolment duties apply. This is known as your staging/duties start date and if you don’t know it already, you can find it here.
- 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.
- 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.