The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
It’s time for 12,000 large employers to re-enrol their staff this year. Re-enrolment happens every three years and it’s important to plan ahead. Find out what you need to do .
New Code of Practice for DC schemes
The Pensions Regulator’s new code of practice for defined contribution (DC) pension schemes , which sets out the standards that pension trustees need to meet to comply with legislation came into force on 28 July 2016. The code, which applies to all schemes offering money purchase benefits, is supported by a series of 'how to' guides that provide more detail on how trustees can meet those standards in practice. TPR has also produced a tool to help trustees to assess their scheme against the standards in the code, so that they can identify areas requiring improvement.
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Automatic enrolment hits 200,000 employer landmark 10 August 2016
The Pensions Regulator has published their monthly declaration of compliance report which shows that more than 6.5 million workers have begun saving after being put into a pension by their employer and more than 200,000 employers have completed their automatic enrolment duties. More than three times as many small and micro employers (over 156,000) have now complied compared to all large and medium employers put together (over 44,000). More than 960,000 employees of small and micro employers have been enrolled.
This month’s Declaration of Compliance report shows that by the end of July, more than 6.5 million workers had begun saving after being put into a pension by their employer.
Read TPR’s press release with comments from Richard Harrington, Minister for Pensions and Charles Counsell, Executive Director for Automatic Enrolment.
All employers have legal duties and can use the Duties Checker on TPR’s website to quickly understand exactly what they need to do.
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Automatic enrolment: Don’t let your clients’ holiday plans risk a fine 11 August 2016
If your client's declaration of compliance deadline is 31 August, you can help them to avoid a fine by starting the declaration as soon as possible and ensuring that it’s completed on time.
Note that Monday 29 August is a Bank Holiday.
It is important that your client completes a declaration of compliance and submits it to The Pensions Regulator so that they know what actions have been taken to meet their duties. This needs to be done within 5 months of your client's staging date. If you are performing some of the tasks on their behalf, then make sure you agree with your client who will complete the declaration.
The Pensions Regulator produces a declaration checklist to help gather all the information needed to complete the declaration.
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Re-enrolment guidance for employers revamped 25 August 2016
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 464 of 588
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