Find the right workplace pension for your business
We have solutions for different sizes and types of businesses, with a range of benefits for you and your employees.
Set up or switch your workplace pension scheme
Our workplace pension for employers and advisers is easy to set up and use online. You can find out more and get a quote in minutes.
Flexible workplace pension and saving products
If you’re looking for solutions for larger schemes or have more complex requirements, we have a full range of pensions and savings products to suit your needs.
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.
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 workplace pension scheme is easy to set up with a default investment option and can be managed online.
- For more flexible solutions, our other 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
Auto enrolment in eight simple steps
From setting up your scheme to explaining how start dates work, we’ll make it easy for you to get up and running with workplace pensions.
Auto enrolment contributions
The facts you need on the payments you have to make into your employees’ pensions, including minimum contributions and examples.
Auto enrolment costs
We break down the potential costs, including provider’s charges, payroll costs and fees for advice, as well as the contributions themselves.
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 4 million pension scheme members in more than 26,000 companies. Whether you’re a massive multinational or a business of 5+ employees, we’ll have a workplace pension for you.
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.
Our pension schemes have been recognised throughout the industry and have received a number of prestigious awards:
More from us
Take a look at our range of interactive tools and articles
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Employee pension materials
Get your employees thinking more about saving smarter. Our page has a variety of supporting material for you and your members to download and share.