Employers must appreciate that their auto-enrolment duties don’t end once they’ve completed their initial staging process. Indeed, the eligibility of employees is assessed every time that payroll is run, ‘re-enrolment’ is required every three years, and regular market reviews carried out by a specialist intermediary are necessary to ensure the scheme remains compliant and competitive
Regulations are subject to frequent change, and the choice of different pension schemes available is ever increasing
Market reviews, which can be conducted at any time, can be particularly important for reducing annual management charges — which can now be far lower than was possible when auto-enrolment first occurred
They can also include benchmarking guidance, which can show the typical contribution levels paid in a company’s industry sector, and can provide advice on effectively communicating the pension scheme benefits to employees
Additionally, it is essential that specialist intermediaries audit current compliant arrangements, for which employers have often done only the basic minimum
An intermediary can also save employers money by implementing salary exchange and Enjoy Benefits work with a specialist intermediary who can help with all of the above
Virtually all employees aged over 22 and earning over £10,000 a year must be enrolled into a pension scheme at the start of their employment
A major attraction is the ability to receive tax relief from the government at their highest rate of Income Tax
Employees are also protected by robust regulations. For example, annual management charges on funds are capped at 0.75%, and the suitability of pension schemes and their default funds are subject to regular governance reports
Our partner can provide benchmarking guidance, which can show the typical contribution levels paid in a company’s industry sector, and can provide advice on effectively communicating the pension scheme benefits to employees
Our specialist intermediaries audit current compliant arrangements, for which employers have often done only the basic minimum
Our intermediary can also save employers money by implementing salary exchange. The approach, which involves employees giving up entitlement to a proportion of salary in exchange for pension contributions, reduces their tax and NI burdens and usually also results in lower NI contributions for employers
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