Auto Enrolment Wimbledon
We are often contacted by new employers who need to know more about auto-enrolment and how it affects them. Here are some of the questions we’re most frequently asked, and of course, their answers:
When will I be affected by auto-enrolment?
Employers in the Wimbledon area are already participating in the Auto-Enrolment Scheme initiated by the Government in 2017, meaning they are already offering a workplace pension into which all qualifying staff are automatically enrolled. New Business owners will receive a letter from the Pensions Regulator giving them a staging date. The staging date is the date by which you must have your pension scheme up and running, with all qualifying employees enrolled.
I’ve got an existing pension scheme. Can I just keep on using that?
It’s possible your existing pension scheme may meet the HMRC criteria, or that it may meet the critera with some small changes. If it doesn’t or cannot comply, you may have two options: you could find another pension scheme which does comply, or you could choose to join NEST, the government-backed pension scheme, and enrol all your eligible staff into that.
How much do I have to pay in?
Currently, 5% of your employee’s qualified earnings is contributed into the pension scheme each month and 3% must be contributed by you, the employer