Automatic enrolment: The last of the stagers 21 May 2018
Employers with staging dates of 1 January and 1 February will have deadlines to complete their declaration of compliance by the end of May and the end of June respectively.
TPR has shared an article for business advisers which provides guidance on what steps to take to help clients comply with their automatic enrolment duties.
The article includes information on:
• Nominating a contact • Assessing staff • Telling staff about automatic enrolment • Identifying a suitable pension scheme and payroll provider • Declaration of compliance • New employers • Increase to minimum contributions
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Ireland to consult on automatic enrolment 29 May 2018
Following a consultation on the future of pensions and provision for retirement, Ireland are to follow suit and consult later this year to establish an automatic enrolment workplace pension system.
The Irish Times has reported that a consultation on the future of pensions and provision for retirement has just been launched by Minister for Employment Affairs and Social Protection Regina Doherty.
The consultation is to help inform the design of a new approach to the State contributory pension from 2020. Under a new so-called total contributions approach (TCA), a person’s contributory pension will be proportionate to the contributions they make. The aim is that this should have fair regard for periods of child-rearing, full-time caring and periods in receipt of social protection payments. A TCA option is also being made available later this year, as an interim measure, for people who reached State pension age after September 1st, 2012.
The Minister said that the State pension would remain the bedrock of the Irish pension system but in addition to that security, it is also very important to ensure that all employees are putting aside sufficient funds for their old age.
The Minister also said that the Government will establish an automatic enrolment system to enable employees who do not currently set aside personal retirement savings to do so and there will be a separate consultation on this later this year.
Read more from The Irish Times.
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Pension Regulator’s automatic enrolment enforcement action 31 May
This quarter’s enforcement action represented over 20% of the auto enrolment powers The Pensions Regulator has ever used for those who persistently failed to meet their duties.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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