Posted: 05 December 2011
Issue: Vol 168, Issue 4333
Categories: Update, News, Business Tax, Pensions, Taxation of Employees, Investments, IT & NIC

New duties for employers rolling out over four years

Changes to pensions law will affect every employer in the UK from next year, meaning employers must automatically enrol certain members of their workforce into a pension scheme and make a contribution towards the fund.

The new duties will be introduced over four years, starting with the UK’s largest companies in October 2012; other employers will follow from 2013 until 2016.

Every pension scheme must be of the qualifying variety suitable for automatic enrolment, meeting government standards.

A new pension set-up, the national employment savings trust (NEST), has been established; employers can use it to provide a scheme for their workers. They can use their existing scheme or another pension provider, if these meet the necessary requirements

For more information, visit the Pensions Regulator’s website.

 

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