As an employer, do I need to provide a workplace pension scheme?
All employers must provide a workplace pension scheme with a minimum 5% employee and 3% employer contributions. The workforce is assessed each pay period with eligible workers automatically enrolled into the company workplace pension scheme:
This is the definition of Eligible worker:
· They are aged between 22 and state pension age
· They earn over the earnings threshold of £10,000 per year (£120 weekly/£833 monthly)
· They mainly work in the UK
Other workers are classed as either non-eligible or entitled workers, these employees must receive a letter providing them the opportunity to join the company scheme if they wish.
Pension Regulator Declaration of Compliance and 3 yearly re-enrolment duties are also legal requirements and we recommend contacting the Pension Regulator if you require further information.
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