Smart Pension Auto-Enrolment is a new start for qualifying employees to help them prepare for their retirement days.
Auto-Enrolment helps facilitating employers and employees in UK to save for their pension. UK Law requires employers to sign up their qualified workers for a pension plan by a certain date.
Explainer Video Script
The UK government found too few workers were putting money into a pension.
New laws requiring that all U.K. employers put their qualifying employees into workplace pension schemes by a certain date… or else!
What is the deadline or “staging date?”
It depends… employers with more employees will have an earlier Staging Date than those with fewer.
You can check your Staging Date at: www.autoenrolment.co.uk/staging-dates
Employers must “auto-enrol” their qualifying employees in the pension and must not encourage or force employees to opt out. However, employees may choose to opt out on their own.
Initially, employers must contribute 1.0% of the employee’s salary, employees 0.8% and the Government will then top it up by 0.2%. Total: 2.0%
By late 2018, the employer’s contribution will be 3.0%, the employee’s 4.0% and the government’s top up 1.0%. Total: 8.0%
The Pensions Regulator can impose financial penalties on companies for any incidents of noncompliance.
To avoid penalties, visit: www.autoenrolment.co.uk/avoid-penalties
To learn more about UK Pensions Auto-Enrolment visit: www.autoenrolment.co.uk/knowledge-bank
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