Saving for tomorrow, today
It used to be the case that employees could decide for themselves whether or not they wanted to pay into a pension to save for their retirement years. But the government found that, as a result, people didn’t have enough money to support them in later life.
Since 2012, new rules have been in place, which mean workers must enter a workplace pension scheme that their employer contributes to. This is known as automatic enrolment. If you’re a business owner and need support with this, we’re here for you.
Your questions, answered
Who’s eligible for auto-enrolment pensions?
To be eligible for auto-enrolment, workers must be aged between 22 and the State Pension age and earn £10,000 or more. They also need to ordinarily work in the UK, and can’t be enrolled in any other workplace pension scheme.
It’s important that you understand these criteria, and make sure you automatically enrol any worker who meets them. Remember, though, that workers who don’t fall into this category can still choose to join your workplace pension scheme if they wish to do so.
How much does auto-enrolment cost?
The minimum contributions for auto-enrolment are 5% from the worker (which includes tax relief) and 3% from you as an employer. For employees, their qualifying earnings are anything over £6,240 up to a limit of £50,270 (in the 2023/23 tax year).
In this example, if the employee earns £18,000 a year, their minimum contribution would be a percentage of £11,760 (the difference between £6,240 and £18,000). This all depends on how you’ve set up your workplace pension scheme, though, and we can talk you through the options.
Can employees opt out of auto-enrolment?
If an employee decides they don’t want to contribute to a workplace pension they’ve been automatically enrolled in, they can opt out of it. Time limits apply to this, so it’s vital that you check these.
As an employer, you’re required to re-enrol the worker who’s opted out of the scheme every three years as long as they’re still eligible. Don’t worry if you’re uncertain about what to do, though, because we’re in your corner and ready to guide you through every stage of the process.
What duties do I have as an employer?
Employers with more than one member of staff are responsible for offering their employees a workplace pension scheme. You’ll need to enrol anyone who’s eligible or wants to join this scheme, and pay into it accordingly.
You’ll also need to complete a declaration with The Pensions Regulator. Our experts can help you through the process of registering for this, and completing the necessary questions. They’ll make a complicated process simple, and remove any undue stress and worry.
What clients say
I spoke with Matt for advice on the best pension options available to me. He was so professional and understanding and he relayed the information to me in a manner that I understood. I’d recommend Matt and Beesure to anyone seeking financial advice.
It was so simple to set up my life insurance with Beesure. It didn’t take long on the site, and I had a call in a few hours to finalise things. The quote was really competitive too.
I’ve recently started a new business and took out a secured loan to help with my start-up costs. Taking out personal guarantee insurance through Beesure has given me peace of mind, should the business struggle.
Considering I’ve been using Beesure for my business insurance, I knew it was a no-brainer to insure my property with the same company. I’ve even switched my corporate vehicles over and I now have one renewal date for everything.
Excellent service when reviewing my pension arrangements and always available to help… and I had a lot of questions! I’d recommend Beesure to everyone.
Thank you, Beesure. I’ve been so worried since the Covid-19 outbreak, but putting my life insurance in place and restructuring my cashflow plan has taken away unnecessary stress.
Matt has helped find the best cover for me at such a great price per month. A massive weight off my shoulders.
Luis was quick to find an alternative policy for my business to cover my employees and public liability. I was able to save money as well as increase the level of protection.
Beesure arranged my ISA and General Investment Account, and I cannot speak highly enough of them. Superb.
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How it works
In our first meeting together, we’ll establish what your financial goals and aspirations are and gain an understanding of your current circumstances. If applicable, we’ll also determine how comfortable you are with risk.
Analysis & Research
We’ll take a deep dive into all of the information provided and the financial data available to us. By analysing this, we can begin planning a journey to help you reach your financial goals.
We’ll present our plan back to you in the form of a report. This detailed but easy-to-follow document will contain all our expert recommendations for achieving your aims.
Implementation & Reviews
If you agree with our recommendations, we’ll put your strategy into place. We’ll review your goals regularly, and tailor our ongoing support based on your preferences and unique needs.
You’ll find a wealth of information here in our dedicated home for insights and useful resources, regularly updated so you’re always in the loop.
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