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This checklist explains the obligations that the automatic pension enrolment requirements place on your business.
What is auto-enrolment?
No exemption for smaller businesses
Small businesses will not be exempted from the auto-enrolment requirements since this would exclude 1.2 million employees from the reforms and create substantial enforcement problems. However, the government is extending the implementation period for businesses with fewer than 50 employees and a revised timetable will be published in early 2012.
Changes to NEST
What is the income threshold at which individuals are auto-enrolled?
What are the age limits for automatic pension enrolment?
The age band for eligibility is between 22 and the state pension age. Retaining the state pension age as the upper age limit gives people access to pension saving during their normal working lives and avoids automatically enrolling people for whom saving is no longer the right option.
Three-month waiting period before an employee is automatically enrolled
A three-month waiting period will be introduced to avoid automatically enrolling employees who leave employment soon after joining (for example, seasonal or temporary workers). This will also allow businesses to align enrolment dates with their own payroll systems.
Simplified certification process for defined contribution schemes
A defined contribution scheme could be certified as meeting the requirements if it satisfies any one of the following criteria:
Businesses can voluntarily comply as early as July 2012
Businesses that are scheduled to automatically enrol in October and November 2012 will be allowed to automatically enrol ahead of the planned start date of October 2012, and as early as July 2012, if they want to.
More information
If you have any questions about the content of this checklist please contact peter.lamble@coodes.co.uk or Philip.sayers@coodes.co.uk.
Call us on 0800 328 3282, or complete the form below and we’ll get back to you as soon as possible.
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