ThinkIFA guide to the ‘Workplace Pension’

Auto enrolment workplace pension advice from thinkifa.comAll employers will eventually have to provide their eligible employees with a company pension scheme that adheres to a certain level of standard.

They will also have to contribute towards the scheme on behalf of their employees.

Compulsary ‘auto enrolment‘ has been introduced by the government to help combat the huge pension deficit and has put the emphasis on employers to help encourage employees to save towards their retirement.

Many businesses have already been contacted by the pensions regulator regarding automatic enrolment to inform them of when their start date is dependent upon the size of the workforce.

When is your starting /staging date?

Use the table below to determine your staging date for workplace pension enrolment.

Please note that all eligible employers must ensure that they have a qualifying pension scheme ready and in compliance with the new regulatory laws.

Eligible Employees On The Payroll Starting / Staging Date
250+ 1st October 2012 to 1st February 2014
(determined by the number of eligible employees)
50 – 249 employees 1st April 2015
(determined by the number of eligible employees)
30 – 49 employees 1st October 2015
(determined by the number of eligible employees)
Below 30 employees 1st April 2017
(this will be determined by the last two characters/digits of PAYE reference number)
New businesses that where established on or after 1st April 2012 1st May 2017 to 1st February 2018
(this will be determined by the date of first PAYE income)

If you are still unsure when your staging date is please check on the pensions regulator website by entering your PAYE reference here.

What are my legal obligations as an employer?

The legislation set out by the government means that employers now have a wide range of new responsibilities to consider.

These new tasks must be completed to ensure your company is fulfilling its compliant obligations.
Auto Enrolment Obligations

Independent advice is essential

Workplace pension automatic enrolement from www.thinkifa.comBecause a company pension plan must adhere to a certain criteria of standards, the compliance requirements surrounding workplace pensions can be very complicated which is why many companies seek independent financial advice.

A financial advisor can provide independent advice to help your company with the research, planning and implementation of a compliant workplace pension which usually involves the following processes:

  • Structuring your new or existing company pension scheme to ensure it fully complies with the governments latest regulations
  • Research the whole of the market to find the most suitable solution for your business and it’s employees
  • Calculate and advise on what the financial implications will be for your business and provide an estimated budget requirement
  • Help raise awareness to your employees on the benefits of auto enrolement and the encouragement of savings
  • Implementation of your companies workplace pension scheme
  • Assist with the management and administration of the scheme including dealing with your employees directly to enable you to continue with the running of your business

What if we already have a company pension scheme?

If you already have an occupational pension plan in place for your employees then you need to be sure it is compliant with regulations.

Can you identify if your scheme is compliant and do you know what to do if not?

An independent financial adviser would be able to take a look at your existing company pension scheme and advise you if it is not fully compliant with regulations.

Don’t forget, It is also an investment!

Workplace pension investmentMany businesses tend to focus on ensuring they provide a fully compliant pension plan for their employees without actually considering the investment side of matters.

It is just as important to understand where your company pension funds go to help try and maximise the value of your investment.

After all, this is your employees financial retirement you are planning for and if your company gains a reputation for providing a good workplace pension plan then that is also likely to attract the best potential employees.

What should I do now?

We fully understand that no two companies are the same and every business has a unique set of requirements.

By working with a fully independent and regulated financial adviser, you can be safe in the knowledge that they have access to the whole of the market and they can offer a suitable solution which best suits your companies requirements & circumstances and can offer truly independent workplace pension advice for employers.

To be contacted by a regulated independent financial adviser with regards to your work place pension scheme the please complete the enquiry form below.


Workplace Pension Scheme / Auto Enrolment

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