Workplace Pensions and Auto Enrolment
Where Ensign fits in…
Auto enrolment should never be a tick box exercise. We help employers meet their auto enrolment duties by providing an industry-specific workplace pension scheme. The scheme not only complies with legislation, but is geared to improving retirement outcomes for your employees.
Together, automatic enrolment and the landmark workplace pensions drive by government has helped ensure more people pay into a pension than ever before. Every UK employer is obliged to put qualifying staff into a scheme and contribute towards it. That’s not the end of the story. They are also responsible for providing a ‘good quality scheme’, but this isn’t always easy to achieve.
Employers complain about the high costs and admin time of setting up their own plan. They have also expressed profound concerns over returns and value to hard-working staff.
While outsourcing the work to an established pension provider removes much of the red tape, management and admin fees are a concern, while worries about pension performance persist.
“How do we choose the best plan?”
“Are we getting the best deal?”
Help is on the horizon.
Ensign and its partners offer maritime employers a niche pension product, with a friendly, expert service geared entirely to their particular needs.
Together, we bring them comprehensive assistance and support to help meet auto enrolment obligations with minimal cost and employees to plan for a decent retirement. Auto enrolment is doing a great job of enrolling more people into a pension, but it’s clear that minimum contribution levels are inadequate for a decent retirement outcome. As such, we ask all participating employers to commit to a minimum combined contribution rate of 10% of employees’ earnings.
Our bold ambition is to bring all 185,000 UK maritime workers under our umbrella, and perhaps more. This is while the varied, complex, fast-developing sector keeps the nation at the forefront of international trade and plays a key strategic and security role. Ensign is seeing to it that those charged with achieving this can look forward to a comfortable, fulfilling life after work.
Mind still boggling?
If you require more information about auto enrolment, workplace pensions and where Ensign fits in, call our Executive Team. This subject matter is their bread and butter.