HMRC has now updated its Q&A document on salary sacrifice arrangements in order to add this additional information on workplace pension schemes and auto-enrolment
Workplace Pension Schemes and Auto-enrolment
NAPF GUIDANCE ON AUTOMATIC ENROLMENT
26 June 2012
The National Association of Pension Funds (NAPF) in association with JLT Benefits Solutions Ltd has published the 3rd and 4th guides in its series ‘New rules for pension saving made simple’.
The downloadable, A4-sized pamphlets are designed to give employers the knowledge they need to implement auto-enrolment. The leaflets explain:
what auto-enrolment is and what employers will need to do what the pension scheme options are, and how to pick one which employees will be eligible for auto-enrolment whether employers will need to change their approach to pensions how the costs of auto-enrolment can be managed.
Follow the links below to download the four guides on ‘New rules for pension saving made simple’.
1. What are the new rules? The first leaflet in the series deals with the reasons why the new rules have been introduced, how employers work out who they have to enrol automatically and when they have to start to do this. 2. What do I need to think about? Leaflet 2 looks at the requirements that have to be met before a pension scheme can be used for the purposes of automatic enrolment. It also discusses some of the issues employers need to consider before they choose a pension scheme or schemes. For example the cost of pension contributions, the fact that in defined contribution schemes contributions will be phased in and whether or not to take account of employees choosing to opt out after they have been automatically enrolled. 3. What are my pension scheme options? Leaflet 3 discusses what employers need to consider when it comes to choosing a pension scheme(s) to satisfy the new rules on pension saving and shows the range of schemes which may be adopted. It explains the standards to be met if an employer wants to use an existing DB or DC scheme and considers the impact of contractual agreements, for example, Salary Sacrifice and Flexible Benefits. 4. Will I need to change how I do things? Leaflet 4 concentrates on key areas where the new rules for pension saving may affect an employer’s internal processes and procedures and highlights where it may be necessary to review practice. In particular the leaflet discusses the assessment of Qualifying Earnings, how joining processes may need adjustment, postponing Automatic Enrolment in certain circumstances and what to do when an employee opts out.
TPR WEBINAR RECORDING – REVIEWING YOUR PENSION ARRANGEMENTS
4 July 2012
CIPP Policy News Journal
12/04/2013, Page 239 of 362
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