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You asked: What are the requirements for an auto-enrolment scheme?
An auto-enrolment scheme must:
- pay enough contributions to meet the minimum qualifying levels set by the government
- put in place all the administrative requirements to auto-enrol employees
- have a default fund – in other words, a fund in which the contributions are invested unless the employee chooses another fund or funds.
You may be able to comply by working with your scheme provider to add new processes to your existing scheme.
You may also have to change the contribution levels. It's possible you may have to set up a new scheme.
Please discuss these issues with your financial adviser.
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