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Pensions
Do pension contributions count as wages for the purpose of unlawful deductions
Wednesday, May 8th, 2013Our thanks go to Daniel Barnett’s Employment Law Bulletin for drawing our attention to this case Mr Chambers worked as a full time employee for Somerset County Council until 2003 when he retired. He then started work as a part time locum with the Council at a lower rate of pay than equivalent full time [...]
The Single-Tier Pension
Tuesday, March 26th, 2013On 17 March 2012, the Chancellor, George Osborne, announced on the Andrew Marr show on the BBC that the Single-Tier pension would be brought forward by one year to 2016 rather than 2017. On 19 March 2013, a Department of Work and Pensions (DWP) press release confirmed speculation that the Single-Tier Pension will be introduced [...]
Single-Tier Pension 2016 NOT 2017
Tuesday, March 19th, 2013On 17 March 2012, the Chancellor, George Osborne, announced on the Andrew Marr show on the BBC that the Single-Tier pension would be brought forward by one year to 2016 rather than 2017. The initial date was outlined in the DWP’s White Paper ‘The Single-Tier Pension: A Simple Foundation for Saving’ in January 2013. At [...]
Draft Pensions Bill 2013
Tuesday, January 29th, 2013On 14 January 2013, the Government published their White Paper ‘The Single-Tier Pension: A Simple Foundation for Saving’. This outlined two planned changes to the pensions landscape: The introduction of a flat-rate Single-Tier State pension, and Regular reviews of the State Pension age (SPa), taking into account an independent report covering key longevity [...]
State Pension Reforms
Thursday, January 17th, 2013On 14 January 2013, the Government presented its long-awaited White Paper on plans to introduce a flat rate, Single-Tier Basic State Pension (BSP). This is a detailed document as part of the Coalition Government’s stated aim of reforming the State pension system. Whilst we digest the entire contents of the 108 pages, we provide a [...]
Stakeholder Pensions and Auto-Enrolment
Tuesday, December 11th, 2012Following a recent query on our Forum, we are highlighting a change to employer’s duties regarding offering Stakeholder Pensions, brought about by the advent of Auto-Enrolment. The Welfare Reform and Pensions Act 1999, and the Northern Ireland equivalent, made it mandatory from October 2001 for employers with five or more employees to offer access to [...]
Pensions
Thursday, December 6th, 2012We already knew from Budget 2012 that legislation would be introduced in the Finance Bill 2013 to remove the tax and NICs advantages of an employer paying a part of an employee’s remuneration into a family member’s pension pot. At Budget 2012, the report stated that ‘technical improvements will also be made to the annual [...]
DWP Pensions Survey 2012
Tuesday, December 4th, 2012The Department of Work and Pensions (DWP) have published their Attitudes to Pensions: The 2012 Survey. This is the third such survey, the previous two having been conducted in 2006 and 2009. The report is an in-depth look at attitudes towards pensions and saving for retirement and is based on a sample of nearly 2,000 [...]
DWP – ‘Reinvigorating Workplace Pensions’
Tuesday, December 4th, 2012Last week, the Department for Work and Pensions (DWP) published a report entitled ‘Reinvigorating Workplace Pensions’. This starts with a forward by the Pensions Minister, Steve Webb, which describes 2012 as a ‘major milestone’ for the UK pension system, with the introduction of Auto-Enrolment and confirmation of the Government’s intention to create a single-tier State [...]
Stakeholder Designation Requirements Cease 01 October 2012
Tuesday, October 23rd, 2012The Department for Work and Pensions (DWP) has confirmed that an employer with five or more employees will no longer have to make available a stakeholder pension scheme to new employees on or after 01 October 2012. This confirmation comes by way effecting Section 87 of the Pensions Act 2008 via the Pensions Act 2008 (Commencement [...]
Pensions Regulator Consultation Advocates Penalty Regime for Reporting Late Payment of Contributions
Tuesday, October 2nd, 2012With the introduction of Auto-Enrolment, The Pensions Regulator (TPR) has published a consultation concerning revisions to their Codes of Practice 5 and 6. These relate to the late payment of contributions to Defined Contribution and Personal Pension Schemes. TPR anticipates that most employers will meet their Auto-Enrolment obligations using these types of schemes; therefore, the [...]
Flat Rate State Pension Reforms
Tuesday, September 25th, 2012Last week, it was reported that David Cameron, Prime Minister, has personally intervened in the reform of the State pension system, which would see a flat-rate system adopted. He was reportedly said to be concerned that millions, many of whom are core Conservative voters, would not benefit from the reforms or, indeed, would be worse [...]
State Pensions Reform – The Flat Rate Pension
Tuesday, August 28th, 2012The Department for Work and Pensions have revealed that the value of the State Pension paid to pensioners could vary by more than £200.00 per week as a result of the current pension system. This system provides for two entitlements and calculation methods – the Basic and the Additional (SERPS / S2P etc). Approximately 130,000 [...]
Revised Implementation Proposals for Workplace Pensions Reform – the Government Responds
Thursday, July 19th, 2012On 23 March 2012, the Government launched a consultation following Steve Webb’s announcement in November 2011 that employers with fewer than 50 workers would be given later Staging Dates. This is the date at which employers must commence Auto-Enrolment responsibilities, as laid down by the Pensions Act 2008. Overall, the consultation addressed these issues: The [...]
State Pensions Reform White Paper Delayed
Thursday, July 19th, 2012Budget 2012 confirmed that the Government intends to make two further reforms regarding State Pension and the age at which it will become payable: Create a ‘single-tier’ pension, merging the current Basic with the State Second Pensions (S2P) Introduce a mechanism to ensure that the State Pension age takes into account future changes in longevity [...]
Template Letters from The Pensions Regulator
Wednesday, July 11th, 2012Timely and accurate communication with workers will be a vital part of an employer’s compliance regime once they commence their auto-enrolment responsibilities. This compliance duty extends to all workers between the ages of 16 and 74, therefore, is a great responsibility. Further, the legislation requires different communication to different workers at different times. To aid [...]
Revised Implementation Proposals for Workplace Pensions Reform
Monday, April 2nd, 2012It seems as though we are always writing about the amendment and revision of the implementation timetable for auto-enrolment! On 25 January 2012, Steve Webb, Pensions Minister, announced the publication of a revised timetable for auto-enrolment in the light of his previous announcement in November 2011. This said that the staging dates for small employers [...]
Auto-Enrolment Thresholds 2012/13
Tuesday, March 27th, 2012The Pensions Act 2011 required that Government annually reviews the auto-enrolment Earnings Trigger and Lower and Uppers bands of Qualifying Earnings. This ensures that the auto-enrolment process continues one of its objectives of targeting the lower-paid, whilst ensuring that as many people as possible are saving for their retirement. Also, the annual review ensures that [...]
Workplace Pensions and European Employees
Sunday, February 26th, 2012Pensions Minister Steve Webb announced a DWP consultation on 20 February 2012 which seeks to address an unnecessary auto-enrolment administration burden that may have risen unintentionally for dual-status employees. The Pensions Act 2008 imposes an obligation on employers to auto-enrol a ‘jobholder’ who works or ordinarily works in the UK under their contract. A 2003 [...]
State Pension Reform
Sunday, February 26th, 2012In the 2011 Budget, the Government expressed the view that the State Pension system is too complex, making it difficult for working-age individuals to determine what they might receive from the State, in particular from the State Second Pension. Subsequently, in April 2011, the Department for Work and Pensions (DWP) published a consultation document presenting [...]
