Changes in pension legislation may undermine your auto-enrolment decisions
Auto-enrolment, the requirement for employers to provide a qualifying workplace pension to their workers, will have been a part of the employer-employee relationship for three years in October. Beginning in 2012 with the nation’s largest employers, the story has really only just begun: 46,000 employers have now passed their auto-enrolment staging date and a staggering 1.8 million* employers must meet their obligations between 2016 and 2017.
For employers who have yet to auto-enrol for the first time, getting it right and delivering on time will take careful planning. With a shocking 13 per cent** of employers missing their staging date, leaving them open to punitive fines and public censure by an active regulator, the need to plan ahead is essential. Employers leaving it too late are finding themselves left with a large bill to foot, at financial and reputational risk and also limited choice and support where pension providers have already fully committed their resources in this area.
If you haven’t yet reached your staging date and wish to find out more about the key considerations and learning curves of auto-enrolment, read more..
For those that have already undertaken the work to meet their new obligations in the last three years, a steep learning curve has given way to a number of changes to pension legislation that may undermine some of your decisions and supporting processes. You likely know already, but there is no ‘set and forget’ option when it comes to your auto-enrolment duties and from ensuring you keep in control of your communication, managing ongoing tax reliefs and keeping on top of record keeping, you must ensure you remain fully compliant and in control. If you have already auto-enrolled your workforce and wish to find out more about how to ensure you comply, read more..
*Source: The Pensions Regulator, July 2015
**NOW: Pensions. Q2, 2015