Starting from October 2012 all eligible employees will have to be automatically enrolled into either their employers’ existing workplace pension scheme or an alternative qualifying pension scheme, explains the CIPP’s Diana Bruce.
Not all employers will have to comply with the new duties as soon as October 2012 as the changes are being rolled out over the next five years based on the largest to smallest PAYE schemes. The ‘staging date’ is the term used for the date that an employer’s automatic enrolment duties start and is the first piece of information required in order to start planning. To find out your staging date you will need to know how many people are in your PAYE scheme (if you have more than one use the largest) and your employer PAYE reference.
The Pensions Regulator (TPR) has produced guidance in the form of 7 steps to prepare for automatic enrolment. There are some areas within this guidance that employers should know about now.
Register to AccountingWEB to read the rest of the article, which includes:
- Staging date
- Safeguarding duties
- Contributions and timeline of duties
- Payroll system