The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
While removing qualifying earnings would most benefit lower paid workers, it would improve outcomes for all. A median earner who works full time from aged 22 to retirement would see their pension pot increase 31% going from £92,300 to £121,400. The impact on a high earner is also marked, with the pot increasing from £172,500 to £244,200, a 42% increase.
The full report is available on the PPI’s website .
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“Bring self-employed into automatic enrolment” 23 November 2016
“ Finding a mechanism to bring the self-employed into automatic enrolment should be the kind of thing that we are talking about in a review” , says Richard Harrington, Minister for Pensions.
In an interview with the Financial Times the Minister said that the self-employed are not all people with accountants and IFAs and that many self-employed people could now be earning the minimum wage, maybe a bit more, but it is complicated.
Richard Harrington added, “… we have to look at them being included in an envelope like the automatic enrolment system - and the same with people who have multiple jobs.”
CIPP comment
The ‘review’ that the Minister for Pensions is referring to is of course the Department for Work and Pension’s (DWP) automatic enrolment review which will take place next year.
With over 6.4 million individuals automatically enrolled into a workplace pension so far the review will be an opportunity to consider how to build on this success to further normalise pension saving, and to increase the amount being saved.
The DWP are welcoming initial thoughts from the pensions industry and stakeholders on what should be included within the scope of the review. We have already seen research that looks at the effect of removing the qualifying earnings bands and removing the earnings trigger and no doubt there will be far more radical considerations to come.
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Automatic enrolment: staff with varying hours and pay 28 November 2016
new animation which explains how to assess staff whose pay and hours fluctuate.When your staff’s hours and pay varies, it can affect when they must be put into a pension scheme and how much you both pay in. The contributions you and your member of staff make to the scheme will rise and fall in relation to the amount they earn. Below a certain amount you may not need to pay any contributions at all new animation , which explains how to assess your staff whose pay and hours fluctuate, and you can find out what you need to do by using the new online tool . Back to Contents
Update to the declaration of compliance portal 29 November 2016
The Pensions Regulator has made completing the online declaration of compliance easier.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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