26 June 2012

Auto-enrolment Pensions - Snippet #2

Employer Zone - Auto-enrolment pensions
When is it happening?
Your pension duties as an employer mostly* start at your "staging date". This varies according to several things, mainly the number of employees you have. For BIG employers it's October 2012, but if less than 30 then it's in 2015 or 2016, based on your PAYE reference (that's just a way of spreading the dates).

Here's a full list (with some details still to be finalised): Staging Dates

You can bring forward your staging date if you want to align it with, for example, your year-end date.
The Pensions Regulator will tell you 12 months before, and 3 months before your staging date, but if that's the first time you start thinking about Auto-enrolment then you may not get the best outcome!

* but the legislation (Pensions Act 2008) gives you the obligation not to engage in "prohibited recruitment conduct" from July 2012. That means, for example, there are severe penalties if you encourage a new employee to opt-out of your pension scheme (which would save you having to contribute).

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