What Is Pension Auto Enrolment?

Pension Auto Enrolment Made Easy

Workplace pension auto enrolment is a tricky landscape to navigate with a number of legal responsibilities and enrolment duties that employers must comply to. At Hive360 we manage your pension enrolment every step of the way so that you don’t have to. You can relax in the knowledge that everything has been taken care of so that you can focus instead on what you do best.

What Is Pension Auto Enrolment

Since October 2017, if you own a business with at least one member of staff then that employee is eligible for a pension scheme that you must contribute towards. Employees will automatically be signed up for this as outlined by the government, so employees will not have to do anything, it is instead the legal responsibility of the employer. If a staff member so chooses, they may opt out of receiving this pension.

Your employees will be automatically enrolled into your pension scheme if they fulfil the following criteria:

  • Are between the ages of 22 and State Pension Age
  • Earn at least £10,000 per year
  • Work primarily in the UK

What Does This Mean For Your Business?

Automatic pension enrolment lies with employers, and there are a number of steps to auto enrolling your staff into a pension scheme. It is the legal responsibility of an employer to ensure these duties are fulfilled so if you do not conform then large penalties apply. There are seven main steps to achieving compliance as expressed by the government pensions regulator.

  1. Know your staging date
  2. Assess your workforce
  3. Review your pension arrangements
  4. Communicate the changes to all your workers
  5. Automatically enrol your ‘eligible jobholders’
  6. Register with The Pensions Regulator and keep records
  7. Contribute to your workers’ pensions

How Hive360 Can Help Your Business

The auto enrolment process can seem daunting, which is why Hive360 is here to take away all of the stress and hassle of signing staff members to a pension scheme. Under our unique employment model, your essential employment administration is transitioned to Hive360 and under this arrangement we offer a full pension auto enrolment service.

We manage the pension enrolment process every step of the way whilst always maintaining best practice. We offer an exclusive workplace pension fund with our pension partners TAM Asset Management, and CorPad (Master Trust) and your employees will additionally be able to track their pension on our ground breaking employee benefits portal.

Leave pension auto enrolment to the experts here at Hive360. To find out more information on how we can help your business please get in touch using our simple form below.

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