Employers with an existing pension scheme don't necessarily have to make any changes. BUT... the existing scheme does have to meet the auto-enrolment criteria (or be adapted to do that). This could apply to any occupational pension scheme, or personal pension plan, or stakeholder pension plan.
That means for example:
- It must fit into the required processes and timescales for enrolling employees into the scheme
- The employer must have an agreement with the pension provider to make contributions on behalf of the employee
- Contributions must be at least 3% of qualifying earnings
- There must also be an agreement between pension provider and employee to contribute the balance of the minimum 8% contributions
- Contributions must be deducted by the employer from pay