The Workplace Pension is a UK registered pension scheme open to all employers regardless of size. It is a master trust occupational defined contribution scheme.
The Workplace Pension is a qualifying workplace pension scheme as defined by The Pensions Regulator and is suitable for use for Auto-Enrolment. With independent governance at its heart, the trustee board has eliminated conflict of interest by using independent external trustees.
Choosing a Qualifying Workplace Pension
- Open to all employers of any size
- Independent default fund
- Simple online set up
- Investment options available outside of default
- Simple clear charging structure
- Transfers in / transfers out – to allow members to consolidate all previous pensions in one place and take pension with them if they move job
- Tax relief – operate Net Pay Arrangement giving tax relief through payroll
The scheme can be used by all employers. It is flexible, transparent and meets the Qualifying Workplace Pension requirements of Auto-enrolment with an independent default and a range of additional investment options.
There is much to do to ensure employers meet all of their auto-enrolment obligations in a compliant, cost effective and hassle free way. Recent research suggests that Employers facing auto-enrolment have underestimated the time needed for the process by over a month and with fines for getting this wrong charged on a daily basis this could be an expensive mistake!
THE WORKPLACE PENSION DEFAULT FUND
Alliance Bernstein Target Date Funds
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See Multi-employers (for Accountants and Business Advisers dealing with Multiple employer payrolls) and Affinity schemes for a model to manage this option.
Contact us for information of this proposition