Auto Enrolment pension scheme, is your business looking to get started?
121 Financial Services are fully qualified pension auto enrolment specialists. We are able to asses your work force, recommend and set up a qualifying pension scheme tailored to your needs, interact compliantly with your staff to determine their retirement objectives. We also ensure ongoing servicing so your pension scheme will run at it’s full potential from both an investment and compliant point of view.
Find out how Auto Enrolment and 121 Financial Services can positively affect your businesses progression. Call us on 01323 734540 to get started.
Workplace pensions law is changing and every employer will have to act! From 2012, changes to pensions law will affect all employers in the UK. To help prepare for the changes, which include the introduction of auto enrolment, 121 Financial Services can offer advice on accessing your work force and setting up your qualifying ‘Auto-Enrolment Pension Scheme’.
Auto-enrolment – what is it?
The government has introduced a new law to make it easier for people to save for their retirement. It requires all employers to enrol their workers into a qualifying workplace auto enrolment scheme if they are not already in one. At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer’s scheme. Auto enrolment is meant to overcome this.
What is a qualifying workplace scheme?
A qualifying scheme can be:
- A defined contribution scheme with a minimum contribution; or
- A defined benefit or hybrid scheme which meets certain conditions.
Does this affect me?
Employers have to automatically enrol workers who:
- Are not already in a qualifying workplace pension scheme;
- at least 22 years old;
- Earn more than £7,475 a year; and
- Work or ordinarily work in the UK (under their contract)
However, even if you do not qualify to be automatically enrolled, you still have the right to join the scheme. If you tell your employer that you would like to opt in to the scheme, they must allow you to do so.
When is this happening?
Although automatic enrolment comes in from 1 October 2012, individual employers’ duties will be introduced gradually over the following five years, and will be based on the employer’s size.
Click here to visit the Pensions Regulator’s website to see the staging dates for employers.
There will be a maximum three month waiting period before your employer must enrol you; however, if you are aged between 16 and 75 years and want to start saving straight away, you will be able to opt into the scheme.
Find out how Auto Enrolment will affect your businesses future. Call us on 01323 734540