When preparing for your staging date, you will need to assess your workforce and identify which eligible workers will need to be automatically enrolled into a workplace pension scheme. Eligible workers automatically enrolled into a pension scheme will meet the following criteria:
If you already offer a pension scheme, it must meet the minimum requirements of a qualifying scheme. If it does not meet the criteria set out by auto enrolment regulation then you will need to change certain aspects of your scheme so that it does comply or put an auto-enrolment scheme into place.
If you do not already have a scheme in place, there are five different types of schemes available for you to set up:
- Defined contribution (DC) schemes
- Contract based DC schemes
- Defined benefit (DB) schemes
- Stakeholder pensions
- Hybrid schemes
You may find it useful to speak to a financial adviser, who can recommend the most appropriate type of auto enrolment scheme for your business. Find a financial adviser in your local area.