Automatic enrolment was phased in from 2012 commencing initially with the largest employers. From the 1st of February 2018 it became a legal requirement for all eligible workers to be enrolled in their employer’s workplace pension scheme. Charities are not exempted.
Employers have a variety of options available to them when deciding upon which scheme to operate. They also have ongoing obligations and must ensure they adhere to the Auto Enrolment rules. The penalties for non-compliance can be significant.
Whilst this change in the law provides much needed impetus to help employees fund retirement, it comes at a cost to firms and charities alike and increases the administrative burden.
Advisers at Fleet Street Wealth are well versed in the rules of Auto Enrolment and the firm looks after a number of charitable pension schemes, providing initial advice on suitable structures and ongoing management of the plan and funds.