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    Find the best workplace pension scheme for your employees with our expertise

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    Workplace Pension Advice for Employers

    Your workplace pension scheme is central to your HR strategy. Workplace Pensions can be complicated, so it pays to work with an expert like our Workplace advisers.

    As an employer, you need to offer a workplace pension scheme to your eligible employees. Just because it’s mandatory to offer auto enrolment, doesn’t mean it’s easy to set up and manage a workplace pension scheme. Don’t risk being fined by The Pensions Regulator (TPR) – get support from Wren Sterling to pay pension contributions right on time.

    Getting workplace pension advice

    Auto enrolment is part of business life and although the initial rush to set up a scheme has subsided, there are still key decisions for firms to take. This includes deciding whether their current scheme offers value for money for employees, whether appropriate governance is in place and whether all associated processes are compliant.

    Talking to a financial adviser who specialises in advising businesses on employee benefits can help you stay compliant and get value for money.

     

    Our workplace pension services

    Benefits of workplace pension advice

    Save time

    Setting up a workplace pension scheme can be very time consuming, and if not set up correctly ongoing administration problems and communication issues could take up even more time.

    Get help with complex rules

    You must fully understand TPR’s rules prior to setting up the workplace pension plan. Your workplace pension scheme can be audited at any time, and if found not compliant, you can be penalised. To avoid any penalties or fines get help from an expert.

    Communication

    Employers need to keep their employees informed of any news or changes to their workplace pension plan, and complete a Declaration of Compliance for The Pensions Regulator. If any employees wish to opt out, the employer cannot influence their decision – another reason to have an impartial expert on your team.

    When should I get workplace pension advice?

    There’s never a bad time to get your workplace pension in order, but you may want to get in touch when:

    • Starting a new workplace scheme
    • If you’re dissatisfied with service from your existing scheme
    • If you think you’re paying too much in administration fees or your employees have a high annual management charge
    • If your business is undergoing structural change, like being acquired or acquiring other firms
    • If the dynamic of your business is changing, such as higher earners with more bespoke requirements

    If you are finding it difficult to manage your workplace pension scheme, or looking to set up a new scheme and aren’t sure where to begin, your local Wren Sterling team can help.

    How can Wren Sterling help

    Wren Sterling’s Workplace team help clients manage hundreds of workplace pension schemes. It’s not just about protecting your business from harm, we can help you communicate the benefits of your scheme to your employees, so you’re maximising your return on investment.

    If you’re unsure about how to get started with automatic enrolment, or have any questions, please get in touch. We can help you get your pension scheme up and running.

    Get in touch

    What our clients say

    FAQ

    • Does an employer have to provide a workplace pension?

      Does an employer have to provide a workplace pension?

      All employers must offer a workplace pension scheme by law. This must be provided to all eligible employees. The current minimum levels for contributions are 3 per cent by the employer and 5 per cent by the employee. Not all staff will be eligible however. Eligible employees will:

      • Be between the age of 22 and the State Pension age
      • Earn (before tax) a minimum of £10,000 a year

    • Does an employer have to contribute to an employee's pension?

      Does an employer have to contribute to an employee's pension?

      Yes, they do. If an employer doesn’t not comply with their automatic enrolment duties, they will face enforcement action including compliance notices and penalty notices (fines). Any missing pension contributions will need to be backdated.

    • How much does it cost to set up a workplace pension?

      How much does it cost to set up a workplace pension?

      Employers are not required to get workplace pension advice to set up auto enrolment or run their payroll. It’s not just small businesses who reach out for extra support. Employers with complex structures and payroll requirements often need help too.

      How much your workplace pension costs depends on any costs involved in setting up a workplace pension, ongoing scheme contributions, and any costs involved in managing the process. According to The Pensions Regulator, 61% of small employers with 1-4 staff has no overall set up costs. Find out more from The Pensions Regulator on providing and setting up a workplace pension scheme.

    • Should I auto-enrol all employees in the workplace pension?

      Should I auto-enrol all employees in the workplace pension?

      All eligible employees must be auto enrolled into your workplace pension scheme. Other non-eligible or entitled workers must be able to choose to join the scheme.

      • Non-eligible jobholders aged between 16 and 21 who earn more than £6,240 a year can ask to opt in. In this case their employer must contribute to their pension.
      • Entitled workers aged between 16 and 74 who earn less than £6,240 a year. For these employees, they can join the pension scheme, but employers are not obliged to make contributions.

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