How automatic enrolment affects you

How automatic enrolment affects you

If you’re an employer with at least one member of staff then automatic enrolment will affect you. The point at which it starts to affect you is called your ‘staging date’.

Helping your employees save for retirement

More than half of UK adults who are planning on retiring, expect that their financial situation will not support their desired lifestyle in retirement1. So having the right workplace pension is more important than ever. Automatic enrolment is all about addressing this, while The People’s Pension is all about making it simple for you.

It all starts from the date you need to begin meeting your automatic enrolment duties.

From the date your duties start, your company will put certain members of staff (known as ‘eligible jobholders’) into a suitable workplace pension scheme and start making contributions to their pension pots.

Know when your automatic enrolment duties start

If you’re an established employer…

If you set up your PAYE scheme on or before 30 September 2017, you’ll have a ‘staging date’. This is when you need to start meeting your automatic enrolment duties.

You can check your staging date on The Pensions Regulator’s website. Just enter your PAYE reference.

Find out my company’s staging date »

If you’re a new employer or you’re soon to employ staff for the first time…

If you’re employing staff for the first time on or after 1 October 2017, you’ll need to start meeting your automatic enrolment duties immediately – from the first day your first member of staff starts working for you.

Find out what you need to do to meet your automatic enrolment duties:

The source is: https://bandce.co.uk/retirement-desired-lifestyles/

 

Next: How The People’s Pension works

Page Options: