From next year, the introduction of "auto enrolment" will affect all employers with at least one worker in the UK. The Pensions Regulator has now published detailed guidance aimed at professional advisers, large employers with in-house pensions professionals, and those with a sound knowledge of pensions. The guidance sets out how employers should implement their new duties.
In a nutshell, employers will need to:
- Automatically enrol certain workers ("eligible jobholders") into a pension scheme;
- Make pensions contributions on their workers` behalf;
- Register with The Pensions Regulator; and
- Provide workers with certain information about the changes and how they will affect them.
For many employers, the process of providing a workplace pension will, in itself, be entirely new. Those with existing schemes will have to ensure that their schemes comply with quality requirements, that they match the minimum contribution requirements, and that all their "eligible jobholders" are auto enrolled.
There is no denying that auto enrolment will have a major impact on employers and preparation will be key.
Look out for details of forthcoming Clarkslegal seminars, giving practical advice on how to prepare your organisation for the impending pension reforms and ensure a smooth transition to auto enrolment. To receive an invitation once dates for the seminars are confirmed, please forward your contact details now to firstname.lastname@example.org