WORKPLACE PENSION STAKEHOLDER NEWSLETTER
20 June 2012
The Department for Work and Pensions have published their latest workplace pension stakeholder newsletter which details all the latest developments on automatic enrolment.
Workplace pension stakeholder newsletter - June 2012
AUTOMATIC ENROLMENT DC QUALIFYING SCHEME TOOL
20 June 2012
The Pensions Regulator (TPR) has designed a tool to help you assess whether your DC scheme qualifies for automatic enrolment.
If it does qualify, you can carry on using it as normal for existing active scheme members. If you want to use it to automatically enrol your eligible jobholders from your staging date, it will need to meet some additional criteria which TPR explain in the tool. Who is this tool for? Employers with existing defined contribution (DC) schemes Pensions professionals advising clients who are running DC schemes Trustees and anyone involved in making decisions about workplace pensions. What does it do? It will give you a good idea of what areas you need to look at to help you assess: whether your existing DC scheme qualifies and whether you'll be able to use it for automatic enrolment. What doesn’t it do? Because every scheme is different, it is unable to tell you whether your particular scheme qualifies. As the employer, it is your responsibility to satisfy yourself that your scheme can be used under the new laws. If you don’t have a scheme You will need to set one up to fulfil your automatic enrolment duties. It's important you choose the right one. TPR has put together some questions you can ask when selecting a pension product for automatic enrolment, and their website also has more information - Selecting a good automatic enrolment scheme Important note for employers with DB or hybrid schemes The qualifying criteria for defined benefit (DB) and hybrid schemes is a complex area that this tool is not able to cover. If you have one of these schemes and want to check whether it qualifies, please refer to TPR Pension schemes guidance . Launch DC qualifying scheme tool
AUTOMATIC ENROLMENT COMPLIANCE AND ENFORCEMENT STRATEGY
20 June 2012
The Pensions Regulator has published a compliance and enforcement strategy which explains their approach to minimising non-compliance with the duties and safeguards, and associated legislation.
CIPP Policy News Journal
12/04/2013, Page 236 of 362
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