Employers Requirements
If you think you’ll have one or more Eligible Workers when your Auto-Enrolment duty begins, you will have to:-
- Auto-Enrol each and every one of your Eligible Workers to a qualifying pension scheme
- Deduct payments from employer and employee and pay across to the pension provider
- Provide information to the Eligible and Non Eligible job holders
- Process employees who opt out
- Make refunds (within certain time scales)
- Keep records
- Re-enrol opt out process every 3 years. Individuals can opt out but employers face financial penalties if they induce this.
Even if you already have a suitable qualifying scheme in place you will have to register with the Pensions Regulator to show you have met your auto-enrolment duties.
A qualifying pensions scheme does not have to be NEST. It can be any scheme that meets certain minimum conditions.
To help you get a better understanding of the Employer Duties Legislation please review our website or contact our Financial Services Department on 01473 408422 or ifa@wmibl.co.uk
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