Are You Exempt?
Some Employers are exempt from having to set up an Auto Enrolment pension scheme.
Have You Passed Your Staging Date?
If your business has passed its Staging Date, contact us to see how we can help.
This allows you to continue running your business whilst we run your pension enrolment scheme.
All you need to do is complete our simple sign up process to allow us to begin working on your auto enrolment company pension scheme.
You and your Employees can ask our Helpline Team any questions you may have regarding the automatic pension enrolment scheme. Your employees also have access to an online portal where they can stay up to date with their pension pot.
per Employee, per month*
Our system takes care of the 33 tasks required to comply with automatic pension enrolment legislation, saving you time and allowing you to continue running your business as normal with minimal disruption.
Pension contributions are invested with Scottish Widows, a household name with a Defaqto 5 star rating as an auto enrolment pension provider.
Pension Scheme summary
Yes. Salary exchange is where an employee can give up part of their salary or bonus to their pension fund, resulting in their gross salary being reduced and the employee paying less tax and national insurance. As an employer, you will make savings on your National Insurance bill, which you can then use to reduce your costs. We can show you how salary exchange can save you money and set it up for you.
As an employer, you have the right to postpone employees for up to three months. This could reduce your costs significantly. Other benefits include:
Yes. You still have Employer duties, even if you have a pension scheme in place that meets the minimum requirements for auto pension enrolment. We can help you review your current scheme.
No. NEST is a pension scheme into which pension contributions from Automatic Enrolment can be paid and invested. However, there are employer responsibilities that must be carried out that NEST will not undertake on your behalf. DM Cager Workplace Pensions’ solution will provide all the support you need to carry out these additional duties.
As an employer, you must comply with all of your duties. The Pensions Regulator will audit all companies to ensure they are fulfilling their duties and there are substantial fines that may be levied against companies that do not comply.
Yes – you will be entitled to take a tax-free lump sum of up to 25% of your pension savings. The remainder of your pension fund must currently be used to provide income. From April 2015 it will be possible to take your whole pension fund as cash (but if you do this, income tax at your highest marginal rate will apply to the amount above your 25% tax-free entitlement).
When you retire, you’ll receive a letter that tells you how much you’ve saved. This amount, less any tax free cash you take, is used to provide an income in retirement. Most people buy a product called a lifetime annuity. This pays a guaranteed income for the rest of your life (much like receiving a salary). From April 2015 onwards it will be possible to take your whole pension fund as cash – but income tax will apply to the amount over your tax-free entitlement (usually 25% the fund).
Speak to your existing employer to find out what type of scheme you are saving into.
Some schemes will stay with you and you can continue saving into it wherever you work. With other schemes you will have to join a new scheme with your new employer, and then you can either transfer your money from your previous scheme across to your new scheme, or you can leave it where it is. Before transferring one scheme to another, it may be worth speaking to a financial adviser, as it’s not always the best course of action.
Please note that the government is reviewing the existing practice in this area.
When you join your scheme, you will be asked to complete a ‘nomination of beneficiaries form’. If you die before you retire, your pension savings will be paid to your nominated person(s) as a tax-free lump sum.
You’ll be automatically enrolled into your employer’s pension plan if you:
If you don’t fall into these categories, you will not be automatically enrolled, but you may still be entitled to join your employer’s pension plan. However, whether your employer will contribute to your pension plan will depend on your earnings and your age. If you earn between £5,876 and £10,000, and are aged between 16 and 74, your employer will be required to contribute. Please note these figures may change from time to time.
You need to complete an opt out notice. This can be done from the outset in which case no contributions will be payable, or, at any future time, after you’ve been auto enrolled.
DM Cager Workplace Pensions has been setup to assist employers with their automatic enrolment workplace pension duties. We understand that not every employer started their business to become a pension expert, therefore, we have created this simple fully automated online company pension solution.
We are a team with a combined 50 years experience and most of us are financial advisers which means you can be sure we know what we are talking about!