The Workplace Pensions Reform or Auto Enrolment as its widely known is a legislative requirement which is being phased in for all UK Employers over the next few years with the largest companies having to comply later this year (2012) and even the smallest of employers by April 2017 – no one will be unaffected by these changes.
For many years, indeed since the Pension Reform Act in 2007 the UK government has been looking for ways to improve access to pensions provided by employers and to encourage individuals to save towards their future.
During the 1970’s there were 19 working individuals funding a single pensioner, but as the population ages and people are living longer, with less people in employment this has fallen to just 2 individuals.
There is a widely held belief that the National Insurance contributions you pay during your working life are put aside to provide your state pension on retirement – this is simply not the case – national insurance contributions paid this year are used to fund the state pensions paid out in the same or following year.
The reforms are designed to make workplace (employer provided pensions) available to all (with few exceptions) even those who would normally be excluded, for a variety of reasons from joining their employers traditional pension scheme and to encourage individuals to save for their future, with employers contributing , and at a lower starting value making it more affordable.
Employers will obviously need to look carefully at the additional costs they will incur and budget accordingly.
This session will look at the legislative requirements, the dates when implementation is required and other considerations that employers and their pension providers need to consider.
We will look at:
• Why employers need to provide a scheme, and what it must deliver as a minimum to be considered acceptable under the legislation
• Preparation for Auto Enrolment
• Explaining Pensions to the employees
• The implementation and running of the scheme including registration
• The essential (and compulsory) communications between the employer and employee
• Contribution rates and staging dates
• Reporting and regulatory requirements
• Non-compliance and the penalties associated
Who Should Participate
Anyone with an intrest in UK payroll, or who is thinking about moving business to the UK
What You Will Learn
-Legilsative requirements for complinance and penalties for non-compliance
-Active (Staging) dates for various sizes of business and the required contribution rates
-The reporting and communications required both internal and external to your business
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