The Pensions Regulator (TPR) is running another LinkedIn Q&A on Tuesday 8 March from 10 - 11am where they will take general questions from business advisers about auto enrolment.
In order to participate, you will need to register to join the regulator’s LinkedIn group prior to the Q&A and post a question the same way as you would start a discussion. For more information, visit TPR’s events page
You Tube videos The Regulator has produced a number of short videos aimed at business advisers and employers to communicate key auto enrolment messages. They are available on their You Tube Channel.
Guidance for employers on costs of automatic enrolment 8 March 2016
The Pensions Regulator (TPR) has updated their employer guidance to include costs of automatic enrolment.
The guidance has been published within the employer’s step by step guide as well as being included within the supporting resources section at the end of the duties checker.
The aim of the content is to provide reassurance to employers about the costs and time to implement automatic enrolment and to allow them to make more informed decisions about the level of support they may choose to ask for from business advisers. While TPR expect many employers to be able to get ready to meet their AE duties without having to pay for advice and support, they recognise that some employers will want the comfort of additional support. The guidance aims to help employers understand the services available and range of costs they might expect to pay for those services. Equally, it should help employers to avoid being misled into thinking they need to pay for additional services and advice that aren’t actually necessary. The guidance is intended as a high level guide in order to facilitate discussions between employers and their business advisers/payroll systems/pension scheme, and not to be prescriptive or to provide a ‘shopping list’ of services and related costs.
The business advisers guide to automatic enrolment will be updated shortly to reflect the new guidance.
DWP Employers' pension provision survey 2015 11 March 2016
The Department for Work and Pension's Employers' pension provision survey shows that 62% of staged employers only contribute the minimum requirement of 1% to workers' pensions under automatic enrolment.
The survey was conducted among a representative sample of 3,008 private sector employers in Great Britain and provided information about their provision, or non-provision, of pension schemes for their workers. Fieldwork for the survey was conducted between 13 May and 11 September 2015. The principal aim of each survey in this series has been to describe the extent and nature of pension provision among private sector employers. However, due to recent developments in the UK pension system a substantial part of the 2015 survey focused on the impact of automatic enrolment. Participation in workplace pensions has more than doubled following automatic enrolment Employers yet to stage had almost universal awareness of automatic enrolment, with over half already making plans Few employers are choosing to introduce automatic enrolment early, but half used flexibility to postpone Employers setting up a new scheme were most likely to use NEST The vast majority of employers sought advice or guidance, but less than half paid for advice The median cost of implementation for staged employers who did not pay for advice was zero Fewer than one in ten automatically enrolled workers opt out The majority of employers are phasing in increases to contribution rates in line with legislation, but one in three are already contributing above the legal minimum Key findings include:
CIPP Policy News Journal
25/04/2016, Page 345 of 453
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