The government introduced new pension legislation for businesses. The Pensions Act 2008 and also the The Pensions Act 2011 introduced new legislation to encourage employees to save for retirement. This gives employees improved access to a workplace pension scheme and all eligible workers must be automatically enrolled. As an employer you are required to comply with the scheme enforced by The Pensions Regulator.
Auto-enrolment aims to make it easier for your employees to join and contribute to a pension scheme. They also benefit from contributions from their employer.
Under these rules, employers have to automatically enrol eligible workers into a company pension scheme, if they aren’t already in one. Auto-enrolment affects all employers with staff in the UK. You’ll need to enrol certain staff into a qualifying company pension scheme, make contributions to their pension fund, and perform other ongoing administrative duties to ensure you comply with the legislation.
Employers need to start carrying out these duties from what’s known as your ‘staging date’. However, there is an option to postpone some duties by up to three months. Ideally, you will need to allow at least six months planning, designing, communicating and implementing your auto-enrolment solution ahead of your staging date. You’ll need to prepare as early as possible to give yourselves enough time to review and update your pension scheme, processes and systems.
Our approach to pensions / auto-enrolment is to ensure that as an employer stay compliant with the legislation and fulfil your employer duties. We also ensure your employees achieve the optimum level of retirement income through a combination of competitive scheme charging and top quality ongoing advice. Our service includes; current scheme audit, design, restructuring, implementation, administration and communication.
- Defined Contribution/Money Purchase Plans
- Group Stakeholder Pension Plans
- Group Personal Pension Plans
- Executive Pension Plans
- Small Self-Administered Schemes (SSAS)
Added Value for Employees
Radcliffe & Newlands recognises that the emphasis for both deciding contribution levels and making investment fund choices has switched from Employer to Employee, due mainly to the move away from Final Salary (DB) Schemes to Defined Contribution (DC) schemes such as Group Personal Pension Plans. We therefore offer a comprehensive Independent Financial Advice service, which recognises the importance of employee education in the work place. This includes:
- Group Presentations
- Face-to-Face information, advice and education
- Surgery days
- Telephone Helpline
A Pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
The Pensions Regulator is the Statutory Regulator for workplace pensions.
Occupational Pension schemes and Auto enrolment are not regulated by the Financial Conduct Authority.