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Workplace Pensions Explained – Information for Businesses
If you are a UK based business and employ someone then you need to provide a workplace pension. Watch our quick guide to understand who needs to be enrolled and what options you have available. Help bring your employees’ future plans together.
Transcript
What is a workplace pension?
A workplace pension is a pension scheme arranged by, or on behalf of, an employer and helps eligible employees save for retirement. All businesses are now obliged by law to provide a suitable workplace pension scheme for eligible staff. This is the result of a government initiative to help people who otherwise might not save enough money to live on when they retire.
A percentage of the employees’ salary is paid into a nominated scheme along with employer contributions and builds a pot of money ready for retirement. Like employees, employers have to meet a minimum level of contributions for all enrolled scheme members.
Employees can opt out of workplace pensions if they want to, but that means losing out on the contributions employers would make and the tax relief they would get from the government.
Find out more about auto enrolment
Who you need to enrol
You’ll need to enrol all employees who:
- Aren’t already enrolled in a suitable scheme
- Are aged between 22 and State Pension age
- Earn more than £10,000
- Usually work in the UK
Your enrolment duties start from the date on which a member of staff joins your business. If you start late, you’ll need to act quickly – you may have to make up missed contributions from the employee as well as yourself. Fines and penalties may also apply.
Find out more about employment duties start dates
Different types of workplace pensions
The most commonly offered scheme is a defined contributions (DC) pension in which your financial contributions are invested. We have several types of DC pension available:
- The Aviva Workplace Pension scheme is easy to set up with a default investment option and can be managed online.
- For more flexible solutions, our contract pensions give members more investment choices. Alternatively, our trust pensions work in a similar way but the pension is run by a board of trustees, rather than the provider.
Find out more about different types of workplace pensions
Knowledge centre articles
Learn more about auto enrolment
Why choose us
Trusted by the UK’s largest household names
We currently provide workplace pension schemes for some of the UK’s best-known companies, offering a range of investments and support for over 3 million pension scheme members in more than 20,000 companies. Whether you’re a massive multinational or a business of 5+ employees, we’ll have a workplace pension for you.
Financial stability
You need the confidence to know your pension scheme is safe with your chosen provider. We’re one of the largest insurers in the world and have consistently high ratings from all major credit-rating agencies, including Moody’s, Fitch and S&P Global. We’re trusted in the industry and remain in a strong position to support your business and needs.
Awards
Our pension schemes have been recognised throughout the industry and have received a number of prestigious awards:
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