Do the new pension duties apply to me?
If you employ one or more workers in the UK then the new duties apply to you. You will have to set up a workplace pension and automatically enrol any workers who meet the age and earnings requirements. You will have to enrol any workers who ask and may have to make a contribution to the retirement pot of some or all of your workers.
My company already offers a workplace pension scheme. Do I still have to set up a scheme and automatically enrol my workers?
You may have to automatically enrol workers who are not currently saving in your workplace pension, depending on their age and how much they earn. In addition, your current scheme may not meet the standards required of an automatic enrolment pension scheme.
As part of their full assessment service AESMEs will review your workplace pension scheme against the auto enrolment pension scheme requirements.
When I have chosen my pension scheme will the pension scheme provider do everything else for me?
No. There’s a lot to do around auto enrolment that your pension provider won’t or can’t do. This includes assessing your workforce, making changes to your payroll and HR processes, setting up contribution schedules and managing opt outs.
You should start preparing early for auto enrolment to make sure you’re ready for your staging date.
All requirements (including mandatory requirements) you will need to undertake by your Staging Date is included in AESMEs Implementation service.
How long will it take to set up a scheme?
This depends on:
- how many workers there are in your organisation
- how many different pay periods you have for your workers
- how much variation you want to make in what different workers get
Some of the larger companies with complicated pay and entitlement arrangements have taken a year or more to get ready. For SMEs we recommend starting at least six months before your staging date. This will help make sure you have time for everything you need to do.
As a self-employed person do I have to provide a pension scheme for myself?
No, but it’s still a good idea to start saving for your retirement if you’re not doing so already.
Can I bring my staging date forward?
Yes, contact AESMEs for further information
Do I enrol workers who we employ outside of the UK?
The Pensions Regulator can help you with questions about automatic enrolment and this group of employees.
How do I register with The Pensions Regulator?
This is included in AESMEs Implementation service, where we would register you on your behalf. Otherwise you will need to go to The Pensions Regulator’s website to register yourself. You will be asked for information about your company, the scheme you’re using to meet your duties and other related information.