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What is Auto Enrolment?
The Pension Act 2008 introduced new rules in the UK to allow all employees to get a chance to save for their retirement. Employers now have to guarantee their eligible staff the access to workplace pensions matching legal requirements and contribute to their pensions. Depending on their age and earning, some workers have to be automatically enrolled, and some others have the possibility to ask for it.
New employer duties have been introduced gradually depending on their business size but soon all will be concerned, and the amount of contribution due by employers is also to rise in the next few years. Be assured to know and meet legal requirements because financial penalties can be imposed to companies and employers for incidents of non compliance.
Benefits of Auto Enrolment
- Easy understanding of legal requirements
- Automated solutions
- Tasks planning
- No compliance issues
- Prevent financial penalties