Workplace Pensions – Employers must get prepared now

April 1, 2014   //   No Comments

Changes to pensions law gives employers new duties in relation to their workforce.

The law on workplace pensions has changed to make it easier for millions more people to build up a pension, particularly those on lower incomes.  Automatic enrolment means that, rather than having to actively choose to join a pension scheme, staff are put into one by their employer as a matter of course. If they don’t want to be in the pension scheme, they must actively choose to opt out. It’s to encourage people to stay in pension saving.

As an employer, you’ll have new duties in relation to everyone working for you:

  • who is aged between 16 and 74
  • who works in the UK
  • for whom you deduct income tax and National Insurance contributions from their wages.

Your duties will depend on the ages and earnings of your staff on your staging date.  Your staging date will depend on the size of your company and number of employees.  Individual staging dates may be checked with the Check your business’ staging date tool.    You’ll need your PAYE reference to use the online tool.

Further information is available at:

The Pensions Regulator.

https://www.gov.uk/workplacepensions