Pensions- Automatic Enrolment

Pensions auto enrolment – Are you ready?

The governments Pension reform for Employers to automatically enrol employees into a pension scheme comes into effect October 2012.

The largest organisations and businesses with 250 + employees need to be prepared and ready for the 1st October 2012. These employers are being launched first into the scheme. Once these organisations / businesses have complied with the new law then all employers will be expected to auto enrol all employees into a pension scheme by the required dates set by the Pension law reform Act- approved in 2011.

The Pensions Regulator .gov.uk has prepared  7 steps employers need to follow for auto enrolment: The steps are:

1. Know your staging date – when to act.

2. Assess your workforce.

3.Review your pension arrangements.

4.Communicate the changes to all your workers.

5.Automatically enrol your “eligible jobholders”.

6.Register with the Pensions Regulator and keep records.

7.Contribute to your workers pensions.

It is essential all employers understand their new duties under the law and when to act (staging dates). For further advice and information including the 7 steps to follow please visit:

http://thepensionsregulator.gov.uk

Acknowledgement

Dimension 88 acknowledges the information used including the 7 steps above come from the Pensions Regulator website and useage of this information is in accordance with their terms and conditions.