Automatic Enrolment & Workplace Pensions
Set up or switch with Watson Buckle Chartered Accountants
More than eight million employees have now been enrolled into a workplace pension since the launch of the Automatic Enrolment scheme in October 2012. But for those employers already set up and saving for their team’s future, the work has only just begun. Find out all the ways Watson Buckle can help keep you comfortably on top of your workplace pension.
Whether you want to switch from one pension trust to another, or if you’re unhappy with your scheme’s current administrator, Watson Buckle can help organise a seamless transition.
The current contribution rate is 5% of qualifying income (2% from the employer and 3% from the employee). This is due to increase again in April 2019. We’ll send communications about this rate rise well in advance so you will have plenty of time to prepare and some left over to spare.
Once every three years, select members of staff must be ‘re-enrolled’ back into your workplace pension scheme. This starts from the date of your automatic enrolment staging date.
What are the requirements?
As the employer, you’ll need to:
- Choose a re-enrolment date (which should be between three months before the third anniversary of your staging date and three months after).
- Identify staff for re-enrolment and write to them
- Complete a re-declaration of compliance (even if you have no staff to re-enrol).
Failure to comply can result in penalties, so it is important to get this right.
Set up your first scheme
If you’re about to take on your first employee, congratulations! You’ve reached an important business milestone, but now is the time to get your house in order. We have prepared a free auto-enrolment pack which includes a comprehensive guide to auto-enrolment compliance and a useful Q&A guide to answer all your auto-enrolment queries. For extra help getting started, get in touch!