Do you know about the new workplace pension rules which come to force from 1st October 2012?
From October 2012 UK employers will be required to automatically enrol employees into a 'qualifying workplace pension scheme';
- Employers with at least 500 staff will be required to comply by November 2013.
- Employers with at least 50 staff will be required to comply by July 2014.
- Employers with less than 50 staff will be required to comply by the end of 2015.
There will be a minimum contribution of 8% of qualifying earnings, of which the employer must pay a minimum of 3%. These minimum contribution levels will be phased in between October 2012 and October 2017.
Importantly there is no "do nothing option". If eligible employees who earn qualifying earnings do not opt out, companies must offer and contribute to a pension scheme on behalf of their employees.
There are also escalating fines of up to £10,000 a day for employers who don't comply with the pension regulators new scheme rules, as well as fines for poor record keeping and attempting to induce employees to opt out of the scheme.
Below are some links that you may find helpful;
We would like to ensure that all our clients are well informed of this subject and aware of how and when they will be specifically affected. If you are interested in finding out more about when you will be affected and what options you have please contact us.