A workplace pension is a way of saving for retirement arranged by an individual’s employer. It is sometimes called a ‘company pension’, an ‘occupational pension’ or a ‘works pension’. Automatic enrolment into a workplace pension is an easy, hassle-free way for workers to save for their retirement while they are earning.
Auto Enrolment
To help all of us to save for our retirement, automatic enrolment has been introduced by the Government and is being rolled out throughout the UK. This means employers are enrolling their employees into a workplace pension as an easy way to help them start saving for the future.
It is important to plan for auto-enrolment as this is a compulsory requirement. If you fail to comply with your duties, The Pensions Regulator may take enforcement action and issue a notice and / or a penalty.
The government has introduced a new law designed to help people save more for their retirement. It requires all employers to enrol eligible workers into a workplace pension scheme if they are not already in one.