The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
also suggest that people may need to make additional contributions on top of that or work later in order to achieve a desired replacement rate.
The Department for Work and Pensions (DWP) is due to publish the final report on the 2017 review in to automatic enrolment later this year.
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Automatic enrolment tops half-million mark for employers 12 April 2017
The Pensions Regulator’s latest Declaration of Compliance report reveals that, by the end of March, more than 500,000 employers have completed their automatic enrolment.
This means that more than 7.6m workers are now saving for their retirement. In the first three months of 2017 alone, 136,000 small and micro employers complied with their responsibilities under the Pensions Act – an average of one every 57 seconds.
Pensions Minister Richard Harrington said:
“These impressive new figures show that by setting up a workplace pension, employers are getting their staff on the road to a financially secure retirement. But there are nearly a million employers out there who still need to enrol their staff and I would encourage them to take up the support on offer from The Pensions Regulator. Pensions can seem daunting, but there is a wealth of information available to help you get set up.”
Charles Counsell, TPR's Executive Director of Automatic Enrolment, said:
“Hundreds of thousands more employers are due to follow suit over the coming months and it is vital that they act early and do not leave themselves open to being fined.
Some employers may see becoming compliant as a challenge but we have written to each of them and are here to help them to meet their responsibilities. I would urge every employer to check today that they know what they need to do and when they need to do it. Now is the time to seek help if you need it.”
All employers have legal duties and can use the Duties Checker on TPR’s website to quickly understand exactly what they must do.
Read the Regulator’s full press release .
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The Chartered Institute of Payroll Professionals
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