75% of part-time US employees do not have access to employer-sponsored retirement plans.
The Georgetown University McCourt School of Public Policy’s Center for Retirement, which Kennedy Townsend of the Maryland scheme established earlier this year, plans to create a template to help states build compliant retirement plans. Kennedy Townsend said states were looking to learn lessons from the UK’s experience establishing Nest. She added: “The forces that brought you Nest are the forces that are bringing us to these answers today.”
Automatic enrolment opt out rates 2014
6 November 2014
The Department for Work and Pensions (DWP) have published the findings from a survey of employers who staged automatic enrolment between January 2014 and July 2014.
This report presents findings from a survey of 50 employers with between 90 and 499 workers. The overall opt out rate was 12 per cent. This is slightly higher than the 9% result of the 2013 survey, but the researchers say that the difference is not statistically significant. The 2015 survey will show more clearly whether the opt-out rate will reduce as the size of employer reduces.
Automatic enrolment: Staging dates unknown?
6 November 2014
The Pensions Regulator is reminding small and micro employers and their agents of the importance of checking their staging date.
Recent research by The Pensions Regulator showed a wide variation in awareness of staging date, with only half of micro employers (1-4 workers) aware, compared to 4/5ths of small employers (5-49 workers). However, once the regulator checked the information against their records, it showed that only 43% of those staging between June and November 2015 and 28% of those staging between January and November 2016 were planning for the correct date. The Regulator’s advice for agents and bureaux is of course equally applicable to employers themselves: Don’t let your clients get this key date wrong - make sure your clients know their correct staging date, in order to leave sufficient time to comply with their automatic enrolment duties. Click here to confirm your clients’ staging dates (you will need their PAYE reference).
Automatic enrolment: Assessing workers
7 November 2014
The Pensions Regulator has published detailed guidance for business advisers and others about assessing staff for eligibility.
Here is the Regulator’s advice:
Know the workforce: assessing workers
Under pensions legislation, employers will need to assess their staff to determine if they are eligible for automatic enrolment. It is essential to do this in order to comply with automatic enrolment duties. This is an area employers may request assistance from their business advisers – especially if the business adviser is already providing a payroll bureau service.
CIPP Policy News Journal
08/04/2015, Page 344 of 521
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