The Pensions Act 2008 introduced new rules for workplace pensions in the UK.
These changes affect every workplace and make sure that every worker will have a chance to save for their retirement.
Under these new rules, every employer will have to give their workers the opportunity to join a workplace pension scheme that meets certain standards.
Depending on how old they are and how much they earn, many workers will be automatically enrolled into the scheme. Other workers will be entitled to join the scheme if they want to.
The new duties are already being introduced and as an employer you will be given a Staging Date or Duty Date which is the date when your duties apply.
There are some very important things to consider. For example here are some questions which will need answers:
- When is your Duty Date/Staging Date? You should have received an important letter from The Pensions Regulator informing you when you need to comply with the new rules.
- Who in your workforce is eligible for automatic enrolment and which employees will need to be given the opportunity to join?
- Which workplace pension scheme should I have in place?
- Am I communicating properly and effectively with my employees regarding their rights and this opportunity?
- Is my payroll system geared up to handle workplace pensions?
- What will the qualifying earnings be for the pension contribution to be based on?
- What is the minimum contribution level I have to meet?
- Am I complying with the guidelines laid down by The Pensions Regulator?
We have some experience in implementing workplace pensions both in our own office and with clients. If we can help provide guidance or assistance in the entire process we would be delighted to help.
Please get in touch to chat with us what you might need and how we can help.
Huddart Chartered Accountants and Business Advisors