The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Seven million now saving as result of automatic enrolment 5 January 2017
More than seven million people have now been put into a pension by their employer as a result of automatic enrolment.
The latest automatic enrolment declaration of compliance report also shows that more than 340,000 employers have now completed their declaration.
In 2017, the largest number of employers so far will see their workplace pensions duties start and by the end of the year, more than one million employers will have complied with the law.
The Pensions Minister, Richard Harrington said that great strides forward have been made by automatically enrolling seven million people into a workplace pension – now the challenge is to make sure that everyone can benefit from a financially secure retirement, including those working for the smallest employers. In 2017 more than 700,000 small employers will see their workplace pensions duties start and the Pensions Minister's message to them is clear: don’t be daunted, there is help and support out there. Setting up a pension scheme can seem complex, but The Pensions Regulator has a simple step by step guide available to help.
The Department for Work and Pensions (DWP) has announced a review into AE will take place next year, building on the success of the policy to date.
The latest analysis by DWP estimates there will be an extra £17 billion of workplace pension saving per year as a result of automatic enrolment by 2019/20.
Back to Contents
Updated content on The Pensions Regulator’s website 6 January 2017
The Pensions Regulator (TPR) is continually adding new articles and information to help employers and business advisers with automatic enrolment.
The following content has recently been added to the TPR website :
What happens if my client doesn't comply or is late complying? A new web page for business advisers on what happens if your client doesn’t comply.
Assessing and enrolling staff A new animation on assessing the workforce for business advisers.
Making contributions to your pension scheme New online content for employers on calculating contributions, including additional supporting resources (an infographic and an animation).
Expected earnings thresholds for 2017 - 2018 tax year As previously announced the DWP published the proposed annual earnings thresholds for the 2017 - 2018 tax year.
TPR expect the thresholds for the individual pay frequencies to be those that are shown below. However, you should note that the actual proposed values will be included in the order by the DWP in early 2017. These proposals will then be subject to the parliamentary process and so may change.
Expected values by pay reference period
2017-2018
Annual
1 week
Fortnight
4 weeks
1 month
1 quarter
Bi-annual
Lower level of qualifying earnings Earnings trigger for automatic enrolment
£5,876
£113
£226
£452
£490
£1,469
£2,938
£10,000
£192
£384
£768
£833
£2,499
£4,998
Upper level of qualifying
£45,000
£866
£1,731
£3,462
£3,750
£11,250
£22,500
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 482 of 588
Made with FlippingBook - Online magazine maker