Employers need to start thinking about how they will comply with the workplace pension reforms that start in October 2012. The requirements of the auto-enrolment will be phased in over a four-year period starting October 2012 for the largest employers (with 120,000 or more staff).
In October 2010, the DWP published a report called making automatic enrolment work, detailing the outcome of a final independent review and accepting all the recommendations contained in the report. It will now move ahead with implementing the reforms on the basis detailed in that report. We also now know the national employment savings trust (nest) will defiantly be the alternative scheme available to all employers will be affected by the new rules. There are many issues employers now need to address and questions they need to answer. Many of these are covered in this supplement, which provides an ideal summary of the main points you, as an employer, need to consider.
We asked Mark Donnelly, Independent Financial Adviser and pension specialist what employers should be doing right now, Mark said, “Some of the fine detail is not yet finalised, but employers should be looking at the rules and also reviewing existing arrangements to see how they fit in with the rules from October 2012. Employers should seek independent financial advice to ensure they comply with the rules”.
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