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Key Decisions


Who will set this up? Whilst the employer will be responsible for meeting the workplace pension obligations, the work will need to involve the payroll function as the governance will be driven by payroll.


So you can manage the set up of your qualifying workplace pension


You can ask your payroll to set this up or


You can outsource this to a third party.


YOU MAY WISH TO CONSIDER YOUR ANSWERS TO THE FOLLOWING QUESTIONS BEFORE MAKING A DECISION


What level of contributions should I choose? The rules allow a choice of methods for calculating contributions, all which satisfy the qualifying workplace pension rules; some are easier to calculate than others, you will need to consider this and the impact of the costs to the business.


Should I phase in contributions? The rules allow the scheme to be set up with lower contributions at the staging date increasing on 1st October 2017 and again or 1st October 2018


Should I use Postponement? The rules allow the employer to postpone workers joining under certain circumstances by up to 3 months. This can assist by reducing the administrative burden on the employer/ payroll function.


THIS DOES NOT MEAN THE STAGING DATE IS POSTPONED, JUST THE DATE THE WORKERS ARE PUT INTO THE WORKPLACE PENSION


Which Pension Provider should I choose?

Who will manage the ongoing Governance

 

 


Workplace Pensions

Workplace Pensions

Automatic Enrolment

Automatic Enrolment

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