Section 8 of The Pensions Regulator’s guidance has full details on what employer’s must do to adhere to the new safeguards for individuals.
SOCIAL MEDIA USED TO RAISE AWARENESS OF AUTOMATIC ENROLMENT
26 September 2012
Pension hub provider Money on Toast has created a tool that allows workers to learn about auto-enrolment via Facebook.
The tool is a Facebook app which explains Automatic Enrolment to employees step-by-step. The provider said its guidance can be distributed to employees via other online mediums as well. It only works on a secure internet connection. The app provides a brief overview of the Automatic Enrolment legislation, then takes employees to a calculator asking for their salary and age and presents a breakdown of how much will go into their scheme, with tax relief and employer contributions, monthly and annually.
It also projects the size of their pot and their annuity income at retirement.
The tool asks users to input the name and size of their employer, and uses the data to provide the firm's staging date.
The app provides a brief explanation of how providers invest company pension schemes and how employees choose funds.
Read more from Professional Pensions
AUTOMATIC ENROLMENT MAINTAINING CONTRIBUTIONS CONSULTATION
10 October 2012
The Pensions Regulator (TPR) has launched a consultation relating to their codes of practice for maintaining contributions. These codes and the accompanying guidance aim to improve transparency and ensure that everyone involved in the flow of contributions has a clear understanding of their accountabilities. It’s in everyone’s interests that the money each scheme member receives in their pension pot is correct and transferred on time. It is therefore important that employers, pension schemes and members all play their part in making sure that an accurate flow of contributions is maintained. These parties are best placed to spot any issues and deal with them as they arise. The consultation sets out new Codes of Practice which will replace the regulator’s existing codes 5 and 6 on reporting contributions. It explains existing duties and shows our intention to build on existing good practice to ensure the accurate and timely flow of contributions into schemes. TPR are also consulting on guidance which will support the new codes. The consultation also shows that the regulator will continue to encourage resolution of disputes about contributions between those that are already involved – those running schemes, employers and employees. And as a risk-based regulator, they will focus resources and enforcement powers on situations where employers wilfully or deliberately do not pay the contributions due.
The CIPP Policy team will be reading the consultation in detail and will publish a survey if member feedback is deemed necessary. The consultation closes on 6 December.
CIPP Policy News Journal
12/04/2013, Page 249 of 362
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