Learn how to set up a workplace pension scheme
- Find out what your responsibilities are as an employer in the UK
- Learn about who needs to be enrolled and how much to contribute
- Follow our simple 5-step process to set up your workplace pension
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What is a workplace pension scheme?
A workplace pension is a scheme set up by you, the employer, to help your staff save up for retirement. Also known as an ‘occupational’ or ‘company’ pension, it involves making employer and employee contributions into this pot every month. Certain employees will also automatically be enrolled based on specific criteria, like age and earnings. Not all employees will be eligible, but other options exist to get them opted in or signed up for a scheme.
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Do all employers have to offer a workplace pension?
Yes, it’s the law - all employers have to offer a workplace pension scheme and automatically enrol anyone eligible - also called automatic enrolment. Your pension scheme must meet the rules of the Pensions Act, and you must process contributions through your company payroll before paying them into your employees’ pension pots.
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How much do employers have to pay into workplace pensions?
3% is the minimum employer contribution. By law, your employees also have to pay a minimum amount. All this adds up to an 8% total minimum contribution each employee must receive. If you’d like to contribute more, then you absolutely can!
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What will I learn in this employer pension guide?
Download this free guide to learn more about your pension responsibilities as an employer and who exactly you should be enrolling into a workplace pension scheme. We’ll also tell you what to do for other employees who want to join and what amounts you and your employees should be contributing legally. Not yet set up your scheme? We share a simple-to-follow, 5-stage process to get your scheme up and running.