Pension legislation is being introduced from 2012 which will change Workplace Pension procedures in a big way, and personally I don’t think the government has done enough to advertise exactly what will be happening and when. I work in HR and it has been my responsibility to assess what the changes are, how they will affect our company and when we need to do something. I decided to search the internet and luckily I found a very good firm who look to review workplace pension schemes and set up new ones where appropriate. There seems to be many issues which need to be considered, such as when each specific company has to start paying into a pension for their staff, how much they have to pay in at first and how much in a few years, and what options have their employees got if they don’t want to pay into a pension plan.
One of the most important issues from our point of view is that our company can be fined up to £10,000 if we don’t pay into pension plans for our staff and we need to have a compliant reporting process so that we can prove what is being paid and when, who has opted out after the auto-enrolment process and so on. These details should have been advertised by the government sooner as many companies may be unprepared.
Tags: Compliant, Options, Pension Legislation, Pension Plan, Pension Plans, Pension Schemes, Point Of View, Specific Company, T Pay