What is Auto-Enrolment? Auto-enrolment is a scheme brought in by the government that will automatically enrol qualified employees into a work-based pension plan. Employees can choose to opt out from the scheme, but will lose the opportunity to obtain the valuable pension benefits for a further four years. To know if you’re eligible for Auto-Enrolment, you should look at table below:
*SPA – Standard Pension Age Within the Auto-Enrolment Scheme, both you and your employer will both put in a defined contribution of 1% each. This percentage will slowly increase to 3% for the employee and 2% for the employer after the staging period (starting date) for all companies has finished. The Auto-Enrolment Scheme has already begun in larger companies, but the staging date (starting date) of the plan will depend on your company size. If you feel like this Auto-Enrolment Scheme is going to put a strain on your business then Sage have a solution: Sage Payroll Auto-Enrolment How can Sage Payroll Auto-Enrolment help your business? Sage Payroll Auto-Enrolment software can transfer the necessary employee information from your Sage database into the required Auto-Enrolment fields to be electronically transfer to your choice of Pension Company. Without Sage Payroll Auto-Enrolment, your wage department will be wasting valuable time each month on manually completing each employee’s Auto-enrolment forms. By using Sage Payroll Auto-Enrolment, you’re saving time and creating an easier process for your employees. More information will be available later on. If you wish to find out more about Auto-Enrolment and Sage Auto-Enrolment, Kinspeed are hosting an event on the 14th of November. To attend, please sign-up here: http://www.kinspeed.com/events/sage-payroll-auto-enrolment
Qualifying Earnings | |||
Age | < £5,668 | £5,668 – £9,440 | > £9,440 |
16-21 | Entitled Worker | Non- eligible jobholder | Non- eligible jobholder |
22- SPA | Entitled Worker | Non- eligible jobholder | Eligible Jobholder |
SPA – 75 | Entitled Worker | Non- eligible jobholder | Non- eligible jobholder |
