25 January 2012
A revised timetable for when employers of all sizes must start
enrolling their staff in a workplace pension is set out by the
government today.
Large employers, those with 250 or more employees, will not face
any change in the date they are due to start enrolling their
staff.
This follows the announcement in November that small businesses
would be given more time to prepare for automatic enrolment to help
them out in exceptionally tough economic times.
Minister for Pensions Steve Webb said:
"Automatic enrolment will begin on time this October, taking up
to 10 million people into pension saving, many for the first time
ever, and all employers will be part of it. We have done all
we can to ease any burden on business the reforms will bring and
employers of all sizes now know the date they need to start
enrolling their staff."
The timetable for employers to begin enrolling their staff
starts with the largest firms first, followed by medium, then small
companies.
Automatic enrolment will begin in October 2012. All existing
firms will have enrolled their staff by April 2017, followed by all
new employers by February 2018. This new timeline means that 70% of
individuals will be automatically enrolled before the next general
election.
The level of pension contributions will be phased in over time
to help employers and individuals adjust. Full contributions will
have to be paid from 1 October 2018.
Read More
