The auto enrolment started in October 2012, creating a degree of compulsion around the provision of retirement savings for the majority of employees. However, there are many businesses that have recognised that remunerating, recruiting, retaining and rewarding good team members is not simply about salary and bonuses.
Auto enrolment is a Government initiative to help more people save for later life through a pension scheme at work. It is compulsory for employers to automatically enrol their eligible workers into a pension scheme.
Automatic enrolment is being phased in over a number of years starting with the largest employers first, but by October 2018 all employers will be required to offer workplace pension schemes to eligible workers.
Each employer must review its workforce before it reaches its staging date (the time that it must be set up by) to identify which workers are eligible to join its workplace pension scheme. Our financial planners will be able to advise you on what your auto enrolment obligations are.