Requirements of new pension regulations pertaining to auto enrolment
From 2012 these changes have affected every employer in the UK and offers solutions on how to prepare, implement and manage employer duties associated with the new law.
Following October 2012, all eligible workers will be automatically enrolled into a Qualifying Workplace Pension Scheme with compulsory contributions from the employer.
The new laws are part of the Pensions Act 2008, an initiative that was introduced by the Labour Government, and continued by the Coalition Government.
Auto Enrolment will have an impact on any business that employs staff, whether it’s just 1 person or 1000. The employer duties associated with the new law are both complex and potentially time consuming and costly.
Early preparation is essential to ensure the changes required to systems, processes and communication materials are identified and all parties, including HR and payroll, fully understand the complex requirements.