New duties requiring employers to automatically enrol employees into qualifying pension schemes and to sponsor this will begin from October 2012.
The new duties will place additional costs and administration requirements on all employers, and existing pension schemes will need to be reviewed.
The cost implications will be particularly relevant to your business if:
- You do not operate a sponsored pension arrangement(s) for all of your employees;
- You have a significant number of employees who opt out of the pension arrangement(s) that you operate; or
- The pension arrangement(s) you operate does not satisfy the forthcoming quality tests.
Register for our current and future auto-enrolment information sheets.
For more information, please contact your usual Barnett Waddingham consultant, or alternatively contact Clive Grimley
, Mark Futcher
or email email@example.com