Automatic enrolment & qualifying workplace pensions
The law on workplace pensions has changed. Every employer with at least one member of staff now has new duties and must put employees who meet certain criteria into a workplace pension plan, and contribute towards it.
- This is called automatic enrolment because all eligible job holders must be automatically enrolled into a qualifying pension plan. Individuals may choose to opt out. However, every three years, employers must re-enrol jobholders who have previously opted out.
- Within five months of the staging date, or two months of the automatic re- enrolment, you will have to provide information online via a declaration of compliance to The Pensions Regulator. Within this you will need to evidence how your duties have been met, including information on the plans being used.
- From April 2015, or from your staging date if later, the rules mean that you need to make some important decisions about the pension funds default arrangements for your eligible jobholders.
This website aims to explain: the requirements, the possible considerations and the additional support available to you. If you're unclear about any of the terms used, please see our 'Jargon Buster'.
Find out what this means and how Prudential can help.
If you are an Employer and want to discuss how we can work together or to find out more details about our corporate solutions, please contact us:
Telephone: 0800 151 3949
Better Workplace Pensions - we're here to help
On the 6th April 2015, the Government introduced additional requirements for workplace pensions.
Understand your obligations
The Government has created an employer responsibility to automatically enrol eligible jobholders into a good pension plan, and to make contributions to it.
Things to think about
The rules are now in place and there are a number of issues you will need to consider to practically implement the regulations.
Would you like to use your Prudential plan for qualifying purposes?
If you would like your plan to qualify under the new rules, we may be able to help you, but you will need to let us know six months before your staging date.
Prudential's Independent Governance Committee
Since 6th April 2015, there is a requirement for pension providers of contract-based plans to establish an Independent Governance Committee (IGC).
If you are an Employer and want to discuss how we can work together or to find out more details about our corporate solutions, please contact us.