You should do this approximately 6 months before your staging date as this can take some time to complete.
You’ll need to have a pension scheme that is set up for automatic enrolment. You and your staff will pay money into this scheme to help your staff save for their retirement.
Unless you want to use an existing pension scheme for automatic enrolment, you’ll need to find a scheme yourself or get help from your accountant or a financial adviser.
Most employers are likely to pick a scheme offered by a large, specialist provider that can be used by many different employers.
You should look at different schemes before you decide which is suitable for you and your staff. For example, you could look at:
National Employment Savings Trust (NEST) is a pension scheme provider that has been set up by the government and must accept all employers that apply to use it for automatic enrolment.
Some providers have had their pension schemes independently reviewed to help them show that they meet the standard of good administration developed by the ICAEW (Institute of Chartered Accountants in England and Wales) in association with the regulator. This is known as the ‘master trust assurance framework’.
You may be able to use the following schemes with master trust assurance, which have said they are open to small employers looking for a scheme provider for automatic enrolment:
You can find lists of schemes on the following websites:
You should consider issues such as:
We have more information available on what to look for in a pension scheme.
You may already have a scheme for your staff – you might know this as a ‘stakeholder pension’. If you want to use your existing scheme, ask the provider if it meets the automatic enrolment rules.
If you can’t use it, you’ll need to choose a new scheme to meet your automatic enrolment duties.
Please note that there are many other pension schemes available that aren’t listed above. There may also be other ways for them to demonstrate to employers that their scheme is well run. The regulator takes no responsibility for checking that schemes' claims are accurate.
The regulator cannot recommend, nor does it endorse, any particular pension scheme or any organisation. Inclusion of a scheme or mention of any organisation here does not guarantee their suitability. This web page is provided for information and guidance only.
Now that you've chosen a pension scheme, you must put your staff into it. The next step will help you to do this.