employers warned not to neglect their automatic enrolment responsibilities as use of TPR powers returns to pre-pandemic levels New figures released today show how the overall use of The Pensions Regulator’s automatic enrolment enforcement (AE) powers is back to pre-pandemic levels following necessary measures introduced last spring to support employers through the early months of … Continue reading New figures show The Pension Regulator (TPR) continues to ensure employers are meeting their pension duties
A new type of pension scheme, with the potential to provide better retirement outcomes and stability, moves a step closer. The new, Collective Defined Contribution (CDC) schemes, will offer savers an income in retirement and also ensure that costs are predictable for employers. They work by both employers and employees contributing to a collective fund, … Continue reading A new way forward for workplace pensions
Government plans to protect small pension pots by limiting the level at which fees can be charged on them will be outlined today. Proposals include introducing a threshold of £100 or below which a person cannot be charged a flat fee by their pensions provider, helping limit the erosion of small pot pensions and protect … Continue reading Pension fee shake-up
Pension Automatic Enrolment (AE) was introduced in October 2012 to require employers to provide and contribute to workplace pensions for eligible employees. Employees are eligible if they earn more than £10,000 a year, are aged between 22 years and State Pension age (SPa) and are not already enrolled in a qualifying workplace pension. The proportion … Continue reading Nearly 8 out of 10 UK employees (78%) had a workplace pension in April 2020.
New figures published 18th February 2021 demonstrate how The Pensions Regulator (TPR) is continuing to robustly protect savers. The latest compliance and enforcement bulletin which details enforcement activity carried out between October and December 2020, shows TPR’s use of statutory powers has increased by nearly 50% overall from the previous quarter in line with expectations. … Continue reading Pension enforcement activity rises protecting savers
The Department for Works and Pension (DWP) have laid the draft regulations for a Pension Automatic Enrolment (AE) thresholds operational for pay reference periods commencing from 6th April 2021. The draft regulation can be found at:- The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021 And PAYadvice.UK had predicted, there is no change … Continue reading Pensions: The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2021