Workplace pensions are changing.
Introduced in October 2012, new duties will impact most employers in the UK over the next few years.
So, how and when is your organisation planning to respond?
What will employers have to do?
The Pensions Act 2008 established new duties for UK employers that were introduced in October 2012.
Most employers will have to automatically enrol some or all of their workers into a qualifying scheme that meets certain minimum standards and pay contributions on their behalf. Some workers will also have the right to ask their employer to enrol them. NEST is a qualifying scheme that any employer can use to meet their new duties.
The new duties affect the largest employers first from October 2012, followed by medium-sized employers and lastly small and micro employers. The size of an employer’s largest PAYE scheme will determine at what point the new duties affect their organisation.
Is your business compliant and do you have the resource to manage auto-enrolment?
Visionary Accountants can help – call us if you want to discuss further.