Friday, 23 March 2012

Letter from The Pensions Regulator

reproduced with the permission of the pensions regulator


The Law on Pensions is changing and it will it affect your clients


The new pensions law comes into force in stages for employers from October 2012 depending on the size of their largest PAYE scheme and starting with the largest employers first.  The new law requires every employer to automatically enrol certain workers in a pension scheme and to contribute to it.

Your clients will need to comply with the pension law to avoid fines and prosecution


If you manage payroll for your clients they will probably ask you to manage some or all of the tasks to prepare for auto enrolment on their behalf.  The main tasks your clients may ask you to undertake in order to pay for automatic enrolment are:

The 8 tasks to prepare for automatic entrolment


1.  Find your clients 'staging date' by using their PAYE reference

2.  Check which of your client's workers meet their criteria for automatic enrolment

3.  Check your payroll software functionality

4.  Find out if your client's existing pension scheme can be used

5.  Find out if your client's pension scheme with details of workers to enrol

6.  Provide your clients pension scheme with details of workers to enrol

7.  Register your client with The Pensions Regulator and keep records

8.  Arrange for pension contributions to be paid to the pensions provider

You can find out your client's 'staging date' which is the date that the new pensions law come into force for your clients at: www.tpr.gov.uk/8tasks.  You can also access detailed information about preparing for automatic enrolment and sign up for news-by-email about pension law changes too.

Yours sincerely,

The Pensions Regulator.


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