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PENSION REFORMS FOR EMPLOYERS

Thursday, 05 January 2012 11:39 Last Updated on Friday, 13 September 2019 10:51 Written by admin

Following our earlier post regarding pension reforms for small businesses, we can confirm that The Department of Work and Pensions (DWP) has announced a further delay for auto-enrolment.

The updated date for introduction of the revised pension scheme for employers with fewer than 50 employees (small businesses) will be delayed until 1 June 2015.

The Pensions Act 2008 creates a new pension scheme of auto enrolment, under which employers will have to automatically enrol all ‘eligible jobholders’ into a qualifying workplace pension scheme (”QWPS”) if they are not already enrolled in a workplace pension scheme. Under the new scheme both the employer and employee will be required to make contributions to the QWPS. This is likely to be expensive and time-consuming for many employers.

The Pension Regulator should write to you 12 months before the changes affect your business and send you a reminder about 3 months before the changes come into effect.

We at Magenta will also be keeping a good eye on what is happening and will keep you informed and assist you in ensuring compliance with the new regulations.

This entry was posted on Thursday, January 5th, 2012 at 11:39 am and is filed under Homepage, Magenta News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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