Under legislation, you have a duty to re-enrol eligible employees back into your workplace pension scheme every 3 years.
There are certain circumstances when some employees may not need to be re-enrolled and, since you set up your workplace pension you may have had employees who opted out, left the scheme, stopped contributions or chose to pay less than the auto-enrolment minimum contribution amount.
Employees who have been re-enrolled into the scheme will have the opportunity to ‘opt-out’ again if they wish, however they can only do this after being re-enrolled.
It is also an opportunity to review the scheme as a whole and to complete a:
- Governance review of the Workplace Pension Scheme
- Review of the objectives for the employer and employees
- Review of the administration processes
- Communications update
- Review of the default investment
Some of these activities should be undertaken on annual basis however the 3 year anniversary is a good prompt to complete them.
SG Corporate Services can guide you through the re-enrolment exercise for your business and also complete a full governance review of your workplace pension.
We can help you review your current scheme and work towards achieving the above. Contact us on (01603) 760866 or firstname.lastname@example.org.