Automatic enrolment into work place pension schemes
The Government has introduced new legislation which requires every employer to automatically enrol eligible workers into an automatic enrolment scheme, unless they are already in a ‘qualifying scheme’. This is referred to as automatic enrolment. A qualifying scheme is one that meets certain standards and satisfies minimum requirements under the automatic enrolment legislation
We have fully considered the requirements of schemes used for auto-enrolment and the likely take-up rate by our customers. We believe that in light of the small number of schemes we have it would not be cost effective to make them qualifying or to be able to use them for auto-enrolment.
As a consequence, you will not be able to use our schemes to satisfy your obligations under the automatic enrolment legislation and you must make alternative arrangements.
For more information, visit The Pensions Regulator website.