Auto-enrolment is the biggest change to workplace pensions for generations.
The crux of it is about ensuring more and more employees are saving for retirement and that they have a pension. As a consequence of the changes to workplace pension legislation, all employers will be required to ensure more of their employees have a pension in place.
The term and phrase Auto-enrolment has come about and is being widely used as it refers to the process and requirement whereby employers will need to automatically enrol certain employees into a pension scheme.
Between now and 2018, all employers in the UK will be required to have a suitable workplace pension scheme in place for qualifying employees. Auto Enrolment affects all businesses with employees, regardless of the size of your company. You’ll need to make sure you and your business are ready to comply with the new Auto Enrolment rules.
It is likely that you will also need to make some necessary changes to your payroll and HR processes to make sure that your systems are compliant.
For more information about the process an employer needs to follow in order to be compliant in meeting their Auto-enrolment duties, please visit www.thepensionsregulator.gov.uk
Others, including those initially thinking they will do it themselves, may find it more appropriate to seek external advice and support.