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The introduction of auto-enrolment
March 4th, 2010 | Articles, Auto Enrolment

Currently, many workers do not join their employer’s pension scheme and so miss out on valuable pension benefits. Auto-enrolment of staff is designed to overcome this problem.

Under current legislation auto-enrolment in occupational pensions will be introduced in October 2012. The new rules require employers to auto-enrol all employees earning more than £5,000 per annum into a qualifying defined benefit, defined contribution company pension scheme or NEST pension plan.

To enable smaller businesses to prepare for the administration changes and additional costs associated with this change, auto- enrolment will be phased in over a four year. It will start in October 2012 for companies with more than 120,000 employees, with other firms being phased-in to their duties depending on their size and PAYE reference numbers.

The rules also require that total pension contributions should be a minimum of 8% of an employee’s earnings. Employers must make contributions of at least 3% of the employee’s gross earnings. In which case, employees should make minimum pension contributions of 4% with a further 1% added as tax relief by the government.

However, to help workers and small business adjust to the new legislation the Government has decided to phase-in the minimum levels of contributions between 2012 and 2017. Accordingly, from October 2012 to October 2016 minimum contributions should be of 2% of earnings with at least 1% from employers. After October 2016 until the following October, the minimum contributions increase up to 5%, with at least 2% from the employer. From October 2017 the minimum contribution will be 8% of earnings with at least 3% coming from the employer.

If employees do not want to participate in the occupational pension scheme they can opt-out of it.

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If you haven't found all the answers that you are looking for you can find similar content in the Articles, Auto Enrolment sections, contact an adviser at the top of the page, or you could try these related posts:

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