The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Auto enrolment regulations update with extended Q&A 31 May 2016
Register now for The Pension Regulator’s webinar on 30 June. The focus will be April 2016 regulation changes and a longer Q & A to answer more of your questions.
The webinar will also provide you with the latest automatic enrolment compliance and enforcement facts and figures.
The latest compliance and enforcement bulletin includes two case studies:
1. An employer in the restaurant sector who had not paid their £400 fixed penalty fine was issued with an escalating penalty notice. However, because they contacted TPR on receipt of the escalating penalty notice, they avoided paying further penalties because they put things right by the specified deadline. 2. An employer in the healthcare sector informed TPR that they had a problem with their provider who would not offer a qualifying scheme. However, as the employer only became aware of this after their staging date and no scheme had been put in place, they ended up paying contributions backdated to the staging date. This case shows the potential consequences of not allowing sufficient time to prepare.
Register here to attend the webinar on 30 June from 3 to 4 pm.
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Aviva launches pre-review of automatic enrolment 15 June 2016
Aviva, the largest provider of workplace pensions in the UK, has announced it is to start an in depth pre-review of auto- enrolment in advance of the government’s own review in 2017.
The study will consider the impact of AE since launch, the current position and the future of the retirement savings programme as employers and employees approach the first increase in minimum contribution levels. Aviva offers workplace pensions to firms of all sizes, from large corporates to micro-businesses and continues to be actively involved in the AE market as hundreds of thousands of smaller companies begin to approach their staging dates. The Pre-Review will include a series of events with policy and industry experts, policymakers, employers, and advisers. It will also build on consumer research and analysis Aviva has been carrying out since 2013 in the Working Lives Report .
The Aviva study will cover a range of topics, including:
Whether AE should be expanded to cover new groups of people (including the self-employed) Given the crucial role of employers; what their experiences are and what would help them next Whether total minimum contributions should be increased beyond 8% and how the industry can engage consumers and employers to contribute more than the minimum.
Andy Curran, Managing Director, Corporate and Business Solutions at Aviva, said:
“Most people would agree that auto-enrolment has been a great success in getting more people to start saving for their retirement, and our own research shows that around two thirds of employers and employees agree with AE. But we can’t be complacent if we are going to succeed in getting people to save smarter for their retirement. We have to recognise that the amount people are saving is still very low and engagement with pension saving is non-existent for some. There is a real risk that auto-enrolment has made some people believe the job is done when it comes to preparing for retirement, but in reality it is just the start. By carrying out this in-depth Pre-Review I hope we can take lessons from the story so far to make the future of retirement saving in this country a real success.”
Read more about the pre-review from Aviva .
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The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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