Auto-enrolment Duties From 1st October 2017

Auto-enrolment Duties From 1st October 2017
It is important for every company to know their auto-enrolment duties from 1st October 2017. Firms recruiting staff for the first time after this date will need to enrol them into a workplace pension automatically to be compliant with the new laws.

Legal Auto-enrolment Duties From 1st October 2017

Legal duties commence on the day new employees start working for the business.

To be put into a workplace pension, employers must assess if new employees are:

  • aged between 22 and their state pension age
  • earning in excess of £10,000 a year.

According to research by The Pensions Regulator (TPR), 78% of all staff in the UK saved into a workplace pension last year.

The TPR also claimed more than seven million people had been automatically enrolled into a workplace pension at the end of March 2017.

Darren Ryder, director of auto-enrolment at TPR, said:

“Saving for retirement is becoming the social norm and the success of automatic enrolment is playing a key role in this shift.

“Auto-enrolment is now simply part of running a business and from October, as soon as employers take on staff for the first time, they will have duties.”

Auto-enrolment Responsibilities

When enrolling your staff into a workplace pension, it is your responsibility as an employer to:

  • select and set up a suitable company pension scheme
  • evaluate the eligibility of staff at every pay period
  • add eligible workers to the workplace pension scheme and make contributions
  • keep accurate and up-to-date records.

Auto-enrolment Contributions

You will need to pay the minimum contribution into the pension scheme based on a worker’s qualifying earnings.

The current employer contribution on earnings between £5,867 and £45,000 is 1%, which is set until 6 April 2018. After this date, it will rise to 2% in April 2018 and then 3% in April 2019.

Talk to our Warrington Financial Advisor, Liverpool Financial Adviser, Wilmslow Financial Advisor, West Kirby Financial Advisor, Altrincham Financial Advisor or Manchester Financial Adviser team today to discuss your auto-enrolment responsibilities.

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