retirement, financial management, pensions
For many years the Government has looked at ways to encourage the UK workforce to save for their retirement. There have been several changes to pension legislation but none as big as the Pension Act 2008 and the Pension Reforms that will affect every employer in the UK.
From October 2012 new regulations will require every employer in the UK to automatically enrol their eligible workers, which will be almost everyone, into a workplace pension scheme. Unlike Stakeholder, contributions of 3% of qualifying earnings will be compulsory for employers and if not fully funded to the required 8%, the employee will need to make up the difference.
The new regulations are compulsory for all employers and The Pension Regulator (TPR) has been given the power to impose fines and employers could even face criminal charges if they do not comply. Negligence is not an excuse so early planning and a full understanding of the employer duties is essential.
At Credencis we recognise that these new regulations will cause concern to the employees as there will be a requirement to fund the pension, but for the employer there will be numerous tasks that will need to be completed and new systems will be required to administer them and ensure you mange the process in a compliant manner.
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