From 2012, changes to pensions law will affect all employers with at least one worker in the UK.
Employers will need to:
Automatically enrol certain workers into a pension scheme
Make contributions on their workers’ behalf
Register with The Pensions Regulator (‘the regulator’)
Provide workers with certain information about the changes and how they will affect them.
Because the changes are happening over staged periods with the largest employers affected first, it is likely that most settings will need to have the changes in place during 2015. However employers such as nursery chains employing large numbers of staff will be affected sooner.
In order to prepare for these changes it is important that settings within the private, voluntary and independent sector familiarise with what they need to do in respect of their own business and in particular check their staging date. Full guidance is provided by the Pension Regulator who have issued a series of guides. These are available from their website at:
SfYC is unable to offer advice regarding pensions, or pension reforms either to businesses or individuals but settings seeking generic help with this change should arrange to see their business support officer at a local business support surgery. Surgery times and venues are advertised through the blog and are also available from local development team offices.