Automatic Pension Enrolment
The staging timetable for when employers in the UK must automatically enrol eligible jobholders in a pension scheme has been finalised. The new regulations, which comes into force on 1 October 2012, revise the current implementation timetable so that small employers will not be subject to auto-enrolment until June 2015 at the earliest. The revised timetable will benefit approximately 1.3 million small employers (covering around 4.75 million eligible individuals) whose staging dates will be delayed by at least 14 months.
Your business will be required to automatically enrol eligible “jobholders” in a pension scheme. A “jobholder” will include permanent, fixed-term and temporary employees, as well as agency workers.
This checklist highlights key issues for businesses.