The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
By entering the employer reference number (‘the letter code’ as shown on the letter from TPR) and the PAYE reference, key employer related information will now pre-populate the form. The user can then select their pension provider/scheme, from a list of commonly used Master Trusts and GPP providers (or select 'Other' and enter the details manually), and enter their staff and enrolment numbers.
Employers with no one to enrol at staging (or, if they used postponement on their staging date, at the end of the postponement period) are not asked to provide any pension details
For further details see TPR’s declaration of compliance information page on their website .
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Pensions industry needs better savings culture 5 December 2016
The Pensions Minister, Richard Harrington outlines what he expects from the pensions industry in order to create a better savings culture.
Richard Harrington writes in Pension Expert that one of the key challenges we face now is how we best explain the pension reforms and what they mean for the ordinary saver; for him, getting this communication right is crucial to ensuring people are empowered to make the right decisions so that they can enjoy a financially comfortable retirement. Connected with this, one of the most important priorities for the Minister over the coming months is to continue the successful roll-out of automatic enrolment, building on the success already seen. Increase members' engagement through better tools The Minister said that if better, more dynamic tools were provided, we could help millions of savers see more easily that the money being saved is theirs and is growing. He also wants to help people understand the benefits of remaining in the pension scheme set up by their employer and emphasised the need to help people interact with and understand what is being put away on their behalf. Pensions are often seen as too complicated and savers just leave others to get on with it, without keeping check on how much is going into their pension. The Minister wants to change this, and says his vision for pensions is to get people taking more ownership of their own money.
Richard Harrington said, “If better, more dynamic tools were provided we could help millions of savers see more easily that the money being saved is theirs, is growing, and is simply deferred pay for when they choose to retire.
My challenge to all pension providers is to consider how you can boost transparency for your customers. If we can get people interacting regularly with their savings, I believe we can further entrench the culture of saving that we are developing across the country.”
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Proposed automatic enrolment thresholds for 2017-18 13 December 2016
The DWP has published their annual auto enrolment review which includes their recommendations for the earnings trigger and qualifying earnings bands for 2017-18.
The Department for Work and Pensions (DWP) has published their review of the automatic enrolment earnings trigger and qualifying earnings band for 2017-18 which includes the current and proposed thresholds as per the table below.
Current and proposed automatic enrolment thresholds
Lower limit qualifying earnings band
Upper limit qualifying earnings band
Trigger
Current (2016/17)
£10,000
£5,824
£43,000
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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