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Pensions Act 2008
Consultation on Improvements to Auto-Enrolment
On 25 March 2013, the Department of Work and Pensions (DWP) announced a Consultation on ‘technical changes’ to improve the Auto-Enrolment process. Draft legislation was published alongside the Consultation with the intention that these are effective from April 2014. However, the primary legislation that is necessary will be included in the Pensions Bill 2013 meaning [...]
Auto-Enrolment Thresholds per Pay Frequency
In December 2012, the Department of Work and Pensions (DWP) outlined the Government’s proposals for its annual review of the thresholds for 2013/14. This annual review is a requirement of the Pensions Act 2008 and resulted in Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2012, which set the thresholds for 2012/13. In summary, [...]
Auto-Enrolment Thresholds Announced for 2013/14
On 06 September 2012, Pensions Minister Steve Webb announced the Consultation for the 2013/14 revision, suggesting that the Earnings Trigger and the Lower and Upper limits of the Qualifying Earnings Bands remain respectively aligned with the PAYE Threshold, the Lower Earnings Limit (LEL) and the Upper Earnings Limit (UEL). At time of the Consultation, the [...]
Stakeholder Pensions and Auto-Enrolment
Following 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 [...]
Stakeholder Designation Requirements Cease 01 October 2012
The 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 [...]
Workplace Pensions – In or Out?
The DWP’s current advertisements talk about Workplace Pensions, with ‘well-known bosses’ raising the awareness of Auto-Enrolment. If individuals say ‘I’m In’, they are, effectively, getting a pay increase say the adverts. The DWP expects two-thirds of individuals to say ‘I’m In’ by either remaining Auto-Enrolled, Opting In or Joining a pension scheme. Therefore, about one [...]
Auto-Enrolment Thresholds 2013/14
The Pensions Act 2008 requires the annual review of the Auto-Enrolment thresholds. These are, currently, set in The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2012. In a written statement on 06 September, Pensions Minister Steve Webb announced the publication of the latest Government consultation on the review and revisions of the Earnings [...]
Auto-Enrolment Safeguards in Place
Chapter 3 of the Pensions Act 2008 contains a number of safeguards in order to protect an individual from any discriminatory behaviour by an employer with regards to their right to pension scheme membership. These safeguards apply to the two categories of individuals that are affected by the workplace reforms, namely jobholders and Entitled Workers. [...]
Auto-Enrolment Earnings Trigger and Bands in Legislation
Parliament has approved, and the Pensions Minister Steve Webb has signed, the necessary Order which makes the required changes to the Pensions Act 2008, confirming the Earnings Trigger and the Qualifying Earnings Bands. This Order came into force on 15 June 2012 and will applies to the first year of auto-enrolment. Section 14 of the [...]
Auto-Enrolment and European Employees
In February 2012, Steve Webb announced a consultation which looked at the unintended burden of having to Auto-Enrol some dual-status employees. A ‘qualifying employee’ under a 2003 European Union Directive was never intended to be regarded as a jobholder under the Pensions Act 2008. This may have led some employers having to consider these employees [...]
Pensions Auto-Enrolment Career Averaged Revalued Earnings Defined Benefit Schemes
The Pensions Act 2008 requires an employer to select a qualifying workplace pension scheme for use when fulfilling its auto-enrolment responsibilities. Section 28 of the Act allows employers to, in effect; self-certify that their existing pension scheme meets the relevant quality requirements throughout a certification period and can be regarded as a qualifying scheme. Certain [...]
Workplace Pensions and European Employees
Pensions 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 [...]
Pensions Act 2011
The recently-enacted Pensions Bill gave us the Pensions Act 2011. Pensions will, undoubtedly, give us increased administration in the very near future, however, for payroll purposes, what does the Act give us that we did not already know? The key issues of the five main Parts of the Act are discussed below: Part 1 – [...]
