AUTOMATIC ENROLMENT FOR EMPLOYERS
Under Automatic Enrolment the UK government introduced legal obligations that affect almost all employers. As an employer you have a vital role to play in helping your workers save for later life.
These duties mean you may need to enrol some or all of your workers into a pension scheme that meets certain legal standards, known as a qualifying scheme. You may also need to make contributions into their pension pot.
*These figures apply to the 2023/24 tax year and will be reviewed every year by the government.
If you choose a Defined Contribution (DC) scheme such as the BCF Scheme as your qualifying scheme, the minimum contributions you must pay are based on a band of workers' earnings known as qualifying earnings.
'Qualifying earnings' means total earnings for each of your workers (including bonuses, overtime and benefits) between £6,240 and £50,270*. You need to contribute a minimum of 3% of qualifying earnings.
*These figures apply to the 2023/24 tax year and will be reviewed every year by the government.
If you have questions or would like to chat to our expert team, contact us online, call 0151 448 5423 or email [email protected]. If you’re self-employed or not working, you can apply online.