27 April 2012
TPR has set out the way that employers can start automatic
enrolment early if they wish to do so.
The basic rules are:
- The employer has been given a start date for automatic
enrolment by TPR
- The employer has contacted the scheme provider and reached an
agreement to bring forward the start date
- The employer notifies TPR at least 1 month before the early
start date enclosing the information required by TPR
- TPR will send an acknowledgment
Automatic enrolment what is it?
The government has introduced a new law to make it easier for
people to save for their retirement. It requires all
employers to enrol their workers into a qualifying workplace scheme
if they are not already in one. At present, many workers fail
to take up valuable pension benefits because they do not make an
application to join their employer's scheme. Automatic
enrolment is meant to overcome this.
For the very large organisations the start date is initially 1
October 2012. For smaller ones, the start dates are spread
progressively, according to size, ending in April 2018.
All employers can elect to start early, from 1 July 2012, so
long as they meet the rules.
To read more, please use the link below.