Liberty Partnership

Financial Adviser Lincolnshire: What Is Automatic Enrolment?

Financial adviser Lincolnshire is the best place to go when you need advice on any kind of financial matter. Whether you are looking for a new mortgage or you want to arrange life insurance, they will be able to help you. Pensions are another topic that they will be able to offer advice on.

In this respect, what is automatic enrolment? It is a way to ensure that anyone who is in employment is able to be part of a workplace pension. Business owners should discuss their workplace pension and automatic enrolment with experienced Lincolnshire financial advisors to make sure they get it right. In the past, many workers had no pension in place, apart from the state pension, because they were not offered the option of joining their company’s pension scheme. New changes in the form of automatic enrolment means this will be different from now on. It will now be compulsory for employers to provide a workplace pension and automatically enrol any employee who is eligible onto it. As well as this, the employer must pay money into the scheme. In order to work out how this can be done most efficiently, business owners can speak to a financial advisor Cambridge or elsewhere for advice. The change is being phased in to allow all businesses, large and small, to get up to speed with how it will work. It will start with the larger UK employers, which need to start their new pension provisions by 1st February 2018. Each different size of business will have a different start date, and each business should check what date applies to them. Those employees who are eligible are those who are between 22 and the state pension age; and who earn more than £10,000 a year.

To avoid the hefty fines that will be imposed for not organising a workplace pension and automatic enrolment, speak to the top financial adviser Lincolnshire, Liberty Partnership Ltd. Our website (https://liberty-partnership.co.uk) details all of the options open to you, and by contacting us on 01778 342291 or advice@liberty-partnership.co.uk, you can receive all the information you need.