Auto Enrolment, Balens to the rescue.

“What is Auto Enrolment?”

Auto-enrolment is the government’s approach to encouraging all employees to make savings to provide for a secure retirement.

It is a fact that around 36% of people are not saving at all for their retirement. Auto Enrolment (AE) is a way to try to make saving compulsory for all.

“So what do I have to do?”

With effect from a date based on your PAYE reference number (known as your staging date) you are required to set do the following for your staff;

  • Set up a qualifying scheme
  • Analyse your staff to see who is eligible and who isn’t.
  • Enrol staff
  • Process joiners and leavers to the scheme
  • Contribute to the scheme.

By 2018 you will be expected to contribute 3% for each employee that is enrolled.

There are many things to think about as an employer, and there are hefty fines for getting it wrong, or for offering incentives that encourage your staff to opt out.

“This sounds complex, and like a lot of work!”

The good news is that Balens Financial can help. We have the expertise of implementing schemes from Large to Small, and can cut through the complexity for you. We aim to meet with the key decision makers in your business to discuss your requirements and explain things in more detail. We can outline the different options for you, and recommend the best solutions from the whole of the market. The scheme can be as bespoke or as simple as you like.

“I just want someone to take it off my hands”

We hear this a lot. Do not worry. Using our expertise we have an off the shelf solution that is easy to setup, manage and offers excellent benefits for you and your staff alike.

The system is web based, meaning everything can be done online. All your staff also benefit from having access to an online portal for their pension plan as well as an industry leading suite of tools to help them improve their financial education and achieve their financial goals.

“Where can I find out more about Auto Enrolment?”

Download our Introductory Document here (link to PDF slide deck)

Find our when your staging date is here

Pension Regulator Step by Step Guide to Auto Enrolment.