Auto-enrolment

Thursday 29 January 2015

Look out for a letter from The Pensions Regulator. Between February and May 2015 The Pensions Regulator will be sending out over a million additional letters, writing to ALL small and micro employers with a staging date between May 2016 and August 2017 to ensure they know when their new workplace duties start.

It will provide key information such as the date the law applies and how they can nominate a contact with The Pensions Regulator.

This letter, which is being sent in addition to the 12 month letter, is to raise employer awareness and ensure they know their correct staging date. Advisers should be prepared as employers are likely to seek advice and guidance in preparation to meet their duties.

86% of small and 75% of micro employers believe that automatic enrolment is a ‘good idea’ for their workers.

Recent research carried out by The Pensions Regulator indicates that workplace pensions are becoming the norm, with the majority of small and micro employers indicating that they believe it to be a ‘good idea’.

Do your clients know what they need to do and when, in order to meet their duties? Leaving it until the last minute could make the process more complex and costly.

Over 5 million workers have now been automatically enrolled into a pension scheme
While it’s automatic for workers, it’s not automatic for employers who will need to plan and prepare for the steps they need to take in order to comply with the law and avoid a possible financial penalty.