When are the new Changes being Introduced?

The new requirements are set to begin from 2012. The plan is to stage in auto enrolment over a period of time, starting with large employers, then medium and then small. To help employers adjust gradually the plan is to phase in the employer contribution levels - starting at 1 per cent, then 2 per cent, and finally 3 per cent. The jobholder's contribution will be phased in the same period.

Although the requirements will be phased in over a four-year period starting October 2012 for the largest employers (with 120,000 or more staff), it is important that all employers consider their position and prepare themselves well in advance to avoid any financial and administrative difficulties. We would recommend an initial consultation with an Independent Financial Adviser from Company Pension Review. This will help review your current situation before the new legislation comes in, giving you plenty of time to analyse the options available.

Some details are still to be confirmed, mainly relating to NEST and other issues, such as whether trust-based schemes will still be able to refund contributions to early leavers. All in all, 2011 looks set to be another busy year for all those involved with workplace pension arrangements and 2012 will see some major changes.

Company Pension Review offer an initial consultation phone call with an Independent Financial Adviser to discuss your potential needs.

Please contact us to book in an appropriate time.