HOW AUTO ENROLMENT FOR EMPLOYERS WORKS
AND HOW NURTURE MAKES IT EASY FOR YOU
WHAT DO I HAVE TO DO AS AN EMPLOYER?
In 2015 companies with 58 or fewer employees are legally obliged to Auto Enrol their employees into a workplace pension scheme. You must:
- Enrol all eligible employees into a compliant workplace pension scheme
- Collect your employee’s monthly pension contributions
- Inform your employees about how workplace pensions work
There is no avoiding this. You must make sure you have the necessary pension and communication technology in place, and meet the legislative standards – or you could be fined between £50 and £10,000 per day by the Pensions Regulator.
The date you need to Auto Enrol by depends on the number of PAYE employees you have.
Naturally you are unlikely to want to, or be able to, set up and run your own pension scheme. That’s where Nurture comes in.
Our simple, low cost, online auto enrolment pension service provides the ideal solution for you and your employees – set it up and be compliant on the same day.
WHICH OF MY EMPLOYEES ARE ELIGIBLE?
The Auto Enrolment pensions applies to all PAYE employees who are:
- Aged between 22 & state pension age
- Earning more than £10,000 a year
- Working in the UK
Your deadline, or “staging date” for Auto Enrolment depends on the number of PAYE employees you have as at 1st April 2012. See the diagram below for your ‘staging date.’
WHEN DO I HAVE TO AUTO ENROL?
WHY NURTURE FOR AUTO ENROLMENT?
WHY NURTURE FOR WORKPLACE PENSIONS?
Easy set up
User friendly account management
Nurture provide a complete software service solution for employers who are setting up an Auto Enrolment pension scheme. We make it easy for employers to set up and manage workplace pensions, and ensure that they comply with all the regulations.
Low 0.59% annual Pension Administration Fee
Low 1% contribution charge
The combined effect of these costs is within the Government’s charging cap of 0.75%
With Nurture you have access to a leading pension fund offering great value. Nurture are backed and run by a highly skilled team of professionals who have been operating in the UK pensions market for 30 years.
HOW MUCH DOES NURTURE AUTO ENROLMENT COST?
With Nurture you pay a straightforward, low fee of:
Minimum fee £10 + VAT / monthly. Fee capped at 20 employees.
NO set-up fees
NO minimum number of employees per scheme
NO unnecessary minimum contribution levels
NO hidden consultancy fees
There are no hidden or extra costs. It’s as simple as that. Just a fair minimum fee of £10 per month for up to two employees, then £5 for each additional employee – capped at a maximum monthly spend of £100, whether for 20 or 5,000 employees.
You don’t need to wait to sign up; start now and you won’t start paying until your staging date arrives.
THE NURTURE AUTO ENROLMENT PENSION
WHO ARE NURTURE, AND WHY ARE THEY GOOD FOR ME?
Nurture provide a complete software service solution for employers who are setting up an Auto Enrolment scheme. We make it easy for employers to set up and manage a workplace pension and ensure that they will comply with all the regulations.
All pension schemes charge a management fee to the scheme who will receive the pension. There has been much publicity about these fees being excessive – at Nurture we believe that fees should be fair and clear, kept to the minimum and have no hidden charges.
Frequently Asked Questions for Employers
What Pension Fund Are My Company And My Employees Paying Into?
What Shouldn’t I Do?
What Should I Do Now?
Do I Have To Register With ‘The Pensions Regulator’?
What Do My Fees Pay For?
What Pension Contributions Do I Need To Make?
Both you and your qualifying employees will contribute to the employee’s pension pot.
|Up to April 5th 2018||1%||1%||2%|
|From April 6th 2018||2%||3%||5%|
|From April 6th 2019||3%||5%||8%|
These contributions are based on the bare minimum employer contributions, but so long as the ‘Minimum Contributions’ are met, the amount going into the pension will be enough. For example, the minimum employer contribution up to 5th April 2018 is 1% and the minimum total contributions are 2%, so the employer can choose to contribute the whole 2% and the employee to contribute 0%. These percentages and dates could be subject to change.