Workplace pensions law is changing!
Is your business ready?
- Speak to our pensions experts
- Book your place at one of our national seminars
In a bid to increase the level of retirement saving in the UK, the Government is introducing new legislation from October 2012 which will require every employer, regardless of size, to automatically enrol the vast majority of their workforce into a suitable workplace pension scheme and to make contributions on their behalf.
To comply with the new legislation some of the things employers must do are:
- Provide a qualifying scheme for their workers
- Automatically enrol all eligible jobholders into the scheme
- Pay employer contributions for eligible jobholders to the scheme
- Tell all eligible jobholders that:
- They have been automatically enrolled and
- They have the right to opt out if they want
- Register with The Pensions Regulator and give details of the qualifying scheme and number of people automatically enrolled
The changes will clearly have a financial impact for a number of companies, meaning that advance planning and budgeting will be required.
It’s key that while complying with the above points, employers also focus on:
Governance: best practice and good outcomes for members
Risk: mitigate and minimise risk to the employer
Compliance: ensure that all legal obligations are met
The legislation will impact all employers in some way. Our pensions experts are already working with clients to ensure that they are ready for the challenge that auto-enrolment presents and that their Governance, Risk and Compliance processes are robust.
There is NO ‘do nothing’ option.
One of our pensions experts will be happy to have an exploratory discussion with you. Please contact nicola.atterbury@rsmtenon.com to arrange this.
We are also hosting a number of national seminars in the coming months. Please register your interest by emailing financialmanagement@rsmtenon.com