Other highlights from the report include: • Although the number of compliance notices issued to employers has risen from nearly 34,000 last year to nearly 70,000, the majority of employers comply when they are reminded of their duties. • We’re monitoring employers to ensure they’re complying with the new increased contribution rates which started in April 2018. Our initial analysis shows very high compliance. • The majority of employers spend less than two hours a month on their ongoing duties and find them easier than they expected. • For the minority of employers who rely on outside help, the cost of external advisers for employers with between 1 and 4 staff has fallen from £42, in the previous survey, to £18.
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Automatic enrolment for business advisers 11 October 2018
New employers are required to provide certain staff with a workplace pension and declare compliance to The Pensions Regulator. But did you know that pension responsibilities are ongoing?
Once your clients have enrolled their staff and told The Pensions Regulator how they’ve met their workplace pension responsibilities, they need to continue assessing their workforce, maintaining regular contribution payments, keeping records relating to the scheme and managing requests from staff to join or leave the scheme.
Make sure your clients understand what their ongoing duties are by visiting The Pensions Regulator ongoing duties page.
The Pensions Regulator has also provided an article aimed at start-up businesses - Making Workplace Pensions Work
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Building New Norms – responsible investment strategy from NEST 15 October 2018
According to a report from NEST on responsible investment, 73 per cent of savers believe it's important for pension schemes to consider environmental, social and governance risks when putting together a portfolio.
Mark Fawcett, NEST CIO said:
“Generating interest in pensions is hard at any time, engaging savers who haven’t made an active choice to join a pension scheme is even harder. We, and others across the industry, are beginning to take a closer look at how we can better connect people to their pension savings. The research we present in this report shows that responsible investment, in all its forms, may be a way of achieving this. Our findings show that we can build members’ trust and confidence in saving by improving awareness and understanding of how we invest responsibly.”
A key focus of the responsible investment report, 'Building New Norms' is to present the thinking on how NEST might communicate its responsible investment strategy to millions of members and think about channels for engagement and
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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