The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
The revision is largely as a result of TPR identifying a large number of single person directors (SPDs) in the summer 2017 stages. The duties do not apply to SPDs, although this may change if they take on other workers.
TPR identified these employers after obtaining access to real-time information (RTI) data from HMRC, and also as a result of direct feedback from employers written to about AE. TPR intends to publish an updated forecast annually.
Other key points from the report include:
The number of employers using DC schemes for AE has risen from 86% to 93%. Of those who chose to put their staff into a DC trust scheme, 98% chose a master trust, up from 94% the previous year. Around half of workers who have been put into a pension have been automatically enrolled into a master trust. (3 million). 97% of workers put into a master trust are in one with master trust assurance. There continue to be high levels of awareness among small (95%) and micro (79%) employers due to stage in 2016 and 2017. This increases the closer they are to staging. From 16 October to 31 March 2016 185,107 employers used the new Duties Checker tool on TPR’s website. As of March 31, 13,484 of those who completed the declaration brought forward their automatic enrolment duties.
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The Pensions Regulator update 2 August 2016
The Pensions Regulator has a number of updates for business advisers including dates for upcoming events.
Your clients’ automatic enrolment (AE) questions answered
We’ve just launched a new section on our website where you and your clients can find information on the most commonly asked AE questions. Have a look at it here . The questions are based on the calls we get from employers, so you can see what your clients want to know about. We’ll keep adding to this section as we get more questions in – you can also let us know what you’d like to see featured in this section by emailing us .
Regulation updates – watch our webinar
Make sure you keep up to date with the regulation changes that have been made this year by watching this recording of our recent business adviser webinar . A record number of you signed up to watch our AE experts answer your questions and bring you up to speed on the latest news. We’ll be running another one soon, so watch out for the registration details in a future News-by-email
How many of your clients have six months to go?
This month, we’re writing to over 95,000 small and micro employers with less than six months to go until their staging date to tell them it’s time to choose a pension scheme. Lower paid staff only get tax relief from the government in certain types of pension scheme, so this is one of things you’ll need to consider if you’re helping your clients choose a scheme. Find out more .
September events in Edinburgh and Nottingham
Please join us this September for one of our half day business adviser events, where you can find out about the latest regulation changes and how you can help your clients comply with their legal duties. We’re offering morning and afternoon sessions on 6 September in Edinburgh and 14 September in Nottingham. Register for either event now .
Join our expert panel for a live online Q&A
Our popular LinkedIn Q&A session is back! Please join us from 10 – 11am on 9 August where you can ask us about any aspect of automatic enrolment. Last time we answered questions on topics including re-enrolment communications, Limited Liability Partnerships and postponement. In order to participate, you’ll need to join our LinkedIn group before the Q&A and post a question in the same way as you would start a discussion.
Stat of the month: 12,000
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 463 of 588
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