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What if we already offer a scheme?

If your company already offers an employee pension scheme you will need to check that it meets all the Government criteria for workplace pensions:

  • A personal pension plan/stakeholder pension scheme with contributions of at least the minimum percentage of qualifying earnings.
  • A final salary pension scheme. The minimum contributions mentioned above will not apply as long as the scheme provides a minimum level of benefits.
  • A money purchase occupational pension scheme with contributions of at least the minimum percentage of qualifying earnings.

Any scheme must have the means to auto enrol eligible employees.

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With the introduction of workplace pensions already underway for a number of larger businesses in the UK, it’s important that you act now and start preparing – there’s a lot that can be put in place earlier.

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