THE PENSIONS ADVISORY SERVICE PREPARED FOR INCREASE IN CALLS ABOUT AUTOMATIC ENROLMENT
10 October 2012
Even before the start of employers’ duties on 1 October to automatically enrol workers into workplace pension schemes, The Pensions Advisory Service (TPAS) has seen a steady increase in enquiries from the public about automatic enrolment. TPAS Chief Executive said on launch day that as one of the Department for Work and Pensions' key stakeholders for the delivery of pension reform, they expect to deal with a significant number of enquiries from members of the public who are joining a pension scheme for the first time. TPAS have been working with the Department and other stakeholders to identify the sorts of complex pension queries people might have as they start planning for retirement for the first time. TPAS has already seen a steady increase in calls and emails from the general public and this is expected to continue to increase over the coming months. As the number of people in workplace pension schemes is set to explode, they expect to continue to play our part in helping them understand their pension rights and have been very busy making a number of changes to the way they work. TPAS has also increased their staffing levels to ensure they are ready. CIPP comment The Pensions Advisory Service staff has technical expertise and years of pensions experience so are uniquely placed to provide employees with free impartial assistance with Automatic Enrolment. They are skilled at explaining complex issues in ways that can be easily understood. So if your staging date is on the horizon and you have employees who come to you looking for advice then you could direct them to TPAS who can talk them through their options and help to decide what is right is for them.
Helpline:0845 601 2923 www.pensionsadvisoryservice.org.uk
AUTOMATIC ENROLMENT ENDS THE REQUIREMENT FOR STAKEHOLDER PENSION PROVISION
12 October 2012
The Department for Work and Pensions (DWP) has confirmed that the introduction of automatic enrolment will effectively end stakeholder pension requirements for UK employers.
The DWP has confirmed section 87 of the Pensions Act 2008 will repeal most of the requirements for employers with five employees or more to provide access to a suitable defined contribution scheme. Introduced in April 2001, stakeholder pensions were aimed at those workers who had no personal pension products or accessible occupational saving plan. Take up was low and the legislation is widely considered to have done little to address the retirement savings crisis. Norton Rose LLP said arrangements would be put in place to protect members of existing stakeholder schemes, prior to their firms' staging dates. However, between 1 October 2012 and the final staging dates in February 2018, employers may no longer have to provide any pension scheme for their staff.
CIPP Policy News Journal
12/04/2013, Page 250 of 362
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