Pension Auto Enrolment

All employers are obligated to provide a workplace pension scheme. If you’re a small to medium sized business in the UK, you can trust Finesse Resources to manage your automatic pension enrolment duties, so you don’t have to. We’re a collective of experienced professionals with a passion for payroll and we offer bespoke packages for businesses of all shapes and sizes.

Do my employees need to be enrolled in a workplace pension?

Nearly all employees need to be enrolled in a workplace pension scheme. Anyone that meets the criteria below should be enrolled within three months of their start date, or the date that they become eligible.

You must enroll someone onto a workplace pension scheme if:

  • They earn over £10,000 per year (£833 per month/£192 per week)

  • They are aged 22+

  • They are under State Pension Age.

  • They are a UK resident.

How much pension contribution should I offer to employees?

How much pension contribution should I offer to employees?

A business and the employee must make a minimum combined contribution of 8% of their earnings. The minimum employer pension contribution is 3%, with the employee making up the other 5%. However, an employee is free to increase their contribution should they wish to save more for retirement.

Employees are paying more attention to their pension pots from a young age. That’s why many businesses are using a higher employer pension contribution as a benefit within their employment packages to attract top candidates and retain valued employees.

Should I outsource pension auto enrolment?

Should I outsource pension auto enrolment?

As a business, it is your responsibility to set up and maintain compulsory pension enrolment. This can be a complex task for the unfamiliar, with contribution adjustments, re-enrolments, and requests to leave the pension scheme a common occurrence. Even if you know your way around The Pensions Regulator Tool, the task can be very time consuming for busy finance teams or business owners.

Take the first step to outsourcing pension auto enrolment

Leaving it to the experts like Finesse Resources will free up your time and ensure you get it right every time. Take the hassle out of pension auto enrolments by getting in touch using the form below.

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