What Is Automatic Enrolment?

Have you heard the mention of automatic enrolment and work place pension all too often recently and wondering why?

It’s a compulsory now for every single employer in the UK to put staff into a pension scheme and contribute. Many people are unfortunately oblivious to the rule and process of the workplace pensions scheme, but we are looking to educate our clients and the government are hoping that their new advertisement will educate and make employees question their employer if there is no employee pension in place. Failure to implement a suitable pension scheme within the timescale could result in a monetary fine from the pension regulator.

‘Don’t Ignore the Workplace Pension’ – this is the government’s new advertisement quote to help people and make them aware of the workplace pension.

Why does Automatic Enrolment now exist?
Over the years, many employees have missed the opportunity for wonderful and valuable pension benefits because their employer didn’t offer them a pension, or they didn’t utilise the company’s pension scheme. Automatic enrolment has now changed this for the better, making it compulsory for employer to automatically enrol their eligible workers into their pension scheme – this means you will more than likely be eligible!

Find out more today by taking a look through our website for our financial advisory services.