certifying defined benefit (DB) and hybrid schemes and will help firms continue to use existing schemes, rather than setting up new ones for the pension reforms.
Follow this link to download the following documents:
Guidance for employers on certifying Defined Benefit and Hybrid Pension schemes Guidance for actuaries on certifying Defined Benefit and Hybrid Pension schemes The Hybrid Schemes Quality Requirements Rules 2012 The government response to the consultation on “Automatic enrolment: career average schemes as qualifying schemes”.
AUTOMATIC ENROLMENT EARNINGS TRIGGER AND QUALIFYING BANDS
4 July 2012
We announced back in March that the Department for Work and Pensions had confirmed that the Automatic Enrolment rates for the new tax year will be aligned with tax and NICs thresholds. The figures for the 2012/13 tax year, shown below, officially came into force on 15 June 2012 through ‘ The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2012 ’.
£8,105 for the automatic enrolment earnings trigger; £5,564 for the lower limit of the qualifying earnings band; £42,475 for the upper limit of the qualifying earnings band.
The Order also confirms the rounded figures for the pay reference periods shown below.
Annual £8,105 £5,564 £42,475
1 week
2 weeks
4 weeks
1 month
3 months 4 months 6 months
£156 £107 £817
£312 £214
£624 £428
£676 £464
£2,027 £1,391 £10,619
£2,702 £1,855 £14,159
£4,053 £2,782 £21,238
£1,634
£3,268
£3,540
The Department for Work and Pensions are required to review these thresholds each tax year.
TPR PUBLISH TEMPLATE LETTERS FOR AUTOMATIC ENROLMENT COMMUNICATION WITH EMPLOYEES
11 July 2012
The Pensions Regulator, in conjunction with the Department for Work and Pensions, has developed a set of useful letter templates which include all the details employers are required by law to communicate with their workers.
The letters are based on research with employers and workers, and can be adapted to suit the organisation and workers’ circumstances.
You can access the templates via this link - Employer letter template tool.
According to findings from The CIPP research paper to understand business readiness for automatic enrolment most respondents expect that the worker communication responsibilities under automatic enrolment will fall to the Human Resources department.
CIPP Policy News Journal
12/04/2013, Page 241 of 362
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