A guide to workplace pensions for the employer
Over the next few years employers will have to provide their employees with a workplace pension. This is called automatic enrolment. We have summarised the information employers will need to understand the workplace pension.
When to set up your pension scheme
The Government has issued a staging date document allowing employers to check the date by which their pension scheme should start according to the Pension Regulator. Your workplace pension scheme must be activated before your staging date.
It is important to understand who qualifies for a workplace pension. Below are the requirements that your employee must meet to qualify for a workplace pension:
- Aged between 22 and the State Pension Age
- Earn at least £10,000 a year
- Work in the UK
Providing information to your pension provider
For those who qualify for a workplace pension, you must provide your pension provider with at least the following details for each employee:
- Date of birth
- National Insurance Number
Any pension contributions you take from your employee must be paid into your staff pension scheme and by the date you have agreed with your pension provider. The date the payment is made into your staff pension scheme must be no later than the 22nd of the following month, or 19th of the following month if paid by cheque.