The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
NEST responds on changes to scheme rules 29 June 2016
NEST (National Employment Savings Trust) has issued a response to its consultation on proposed changes to the scheme rules.
The response summarises comments received during the consultation, and NEST’s response to those comments. It announces that NEST plans to implement all but one of the changes. The changes take account of the Freedom and Choice changes and the lifting of the restrictions on NEST from April 2017.
The consultation covered various technical updates to NEST’s rules. These include:
Updates to NEST’s rules to allow lump sums and partial lump sums to be paid as benefits as provided for by the ‘Freedom and Choice’ changes introduced in April 2015 Changes which reflect amendments Parliament has made to lift the restrictions on transfers and contributions on NEST from 2017 ‘Tidying up’ changes, for example to bring the rules into line with recent legislative changes such as the change to pension input periods.
The consultation response can be found on NEST’s website .
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Declaration of compliance report 30 June 2016
The declaration of compliance from The Pensions Regulator report now includes re-enrolment figures. Data up to the end of May 2016 has been published.
The Pensions Regulator publishes monthly information on automatic enrolment, derived from information submitted by employers when they complete their declaration of compliance. As employers have up to five months from their staging date to provide their declaration, employers who staged from February 2016 may not yet have completed the process so the figure for eligible jobholders that have been automatically enrolled is likely to be higher than that shown in the report.
As of April 2016 the declaration of compliance report now includes information about employers who have complied with their re-enrolment duties.
Headline figures from the report are:
142,977 employers have automatically enrolled jobholders 6,299,000 jobholders enrolled into automatic enrolment pension schemes 1,743 employers have automatically re-enrolled jobholders 104,000 jobholders re-enrolled into automatic enrolment pension schemes
Read the full declaration of compliance report.
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Half of small businesses not ready to provide workplace pension 8 July 2016
New research from online business service, Geniac , has found that over half (52%) of small businesses are not confident their business will be ready to offer the auto enrolment pension scheme within the government deadline.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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