What are Workplace Pensions?
Workplace pensions (auto enrolment) are part of a Government initiative to increase private retirement savings within the UK. It is the process where all eligible employees are automatically enrolled into their employer’s qualifying pension scheme if they meet certain criteria:
- They are aged between 22 and State Pension age
- They earn more than £10,000 a year
- They work in the UK
With the introduction of workplace pensions already underway for a number of larger businesses in the UK, it’s important that you act now and start preparing – there’s a lot that can be put in place earlier.
As part of your duty as an employer, taking some initial steps now will certainly help you along the way. For example;
- Make sure you know your ‘Staging Date’ – this is the date on which your workplace pension scheme must goes live for your business. Simply provide your details and your PAYE reference above and we’ll do the rest!
- Determine which employees in your practice are eligible to join the scheme.
- Benefit from cost savings by putting plans in place early.
- Start to tell your staff as much as you can beforehand.
- Make sure your systems/processes are in place ready.
- Get the right advice.
With this in mind, that’s where we can help.
Our in-house solution, Simple Pensions, will ensure you get the best advice available, as well as taking the stress and strain away from you when it comes to implementing your plan, leaving you free to focus on running your dental business. What’s more, you can register now in advance of your staging date at a reduced fee! Find out more by calling Simple Pensions on 01202 309298 or visit their website.
It is in your best interests to get your workplace pension scheme organised as soon as possible. It is predicted that there will be a last minute rush to enrol and at this time fees could rise by three or four-fold.
You may have heard about Workplace Pensions and be unsure about how it will affect you as an employer. To discover all the answers you need to some of the most frequently asked questions, just fill in your details below.