The Pensions Regulator has issued guidelines for employers on how to deal with the upcoming new mandatory workplace pension scheme. Under the scheme, which rolls out between October 2012 and September 2016, all employers will eventually be required to automatically enroll their employees into a pension scheme (except where workers are already part of a fund).
The online guidance allows employers to find out more details about when the changes to pensions law will affect them, which staff need to be automatically enrolled into a pension scheme, how to automatically enrol staff and how much they will need to contribute to their staff’s pension.
Steve Webb, the pensions minister, said: “We know that easing burdens on small employers will be key to making automatic enrolment a success. That is why I’m very pleased that the regulator’s new tools will be a simple and practical way for small businesses to learn about their duties.”
The guidance can be found at www.thepensionsregulator.gov.uk
If you feel you need any extra assistance in getting ready for what will be a major workplace change for many employers, do give us a call.