Work place pensions/ Auto Enrolment
A workplace pension is a way of saving for your retirement that’s arranged by your employer. Some workplace pensions are called ‘occupational’, ‘works’,’company’ or ‘work-based’ pensions.
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A percentage of your pay is put into the pension scheme automatically every payday. In most cases, your employer and the government also add money into the pension scheme for you.
The money is intended to supplement your retirement income when you start getting the pension. You can usually take some of your workplace pension as a tax-free lump sum when you retire. You cannot usually take the money out before you’re 55 at the earliest – unless you are seriously ill.
Automatic enrolment is a pension reform that was introduced by the Government. Auto Enrolment is phased depending on the size of your company, with all employers enrolled by February 2018.
This law means that every employer must automatically enrol workers into a workplace pension scheme if they:
Check if the new law applies to you and your firm and when you may be enrolled into your employer’s scheme.
You may not see any changes if you’re already in a workplace pension scheme. Your workplace pension scheme will usually carry on as normal.
But if your employer doesn’t make a contribution to your pension now, they will have to by law when they ‘automatically enrol’ every worker.
Cherwell Financial Services and help support your business with its Auto Enrolment Duties to ensure that you comply with the requirement of Auto enrolment, please submit your enquiry above.