Auto Enrolment – 2015 review of thresholds

1 February 2015 I last wrote about the auto enrolment thresholds at the end of 2012.1 Since then, the auto enrolment staging process has progressively unfolded and, as at the time of writing, smaller employers with just 50-60 workers are in the process of implementation. Whilst staging will continue for some considerable time, it is fair to say that auto enrolment should now be just as embedded in the thinking of smaller and mid-size as well as larger companies. One aspect that seems to be getting little coverage – though some of the trades unions and other commentators have highlighted…

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Do you have quality DC pension scheme governance?

10 February 2014 The Pensions Regulator has followed up its work on the DC Code and DC Regulatory Guidance with their views on how trustees (both for single- and master-trust vehicles) should assess and communicate their compliance with these initiatives. To recap, the DC Code lays out the legal framework for DC trust-based pensions and provides suggestions of practical guidance on how to comply whereas the DC Regulatory Guidance lays out the Regulator’s view on the quality features underpinning their view of good practice. The Regulator has laid out 31 key quality features in areas such as trustee knowledge, training…

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The Pensions Regulator – Maintaining DC Contributions

12 June 2013 In September 2012, the Pensions Regulator held a three month consultation on revising their codes of practice on reporting late payments of DC contributions. The consultation results have been analysed and amended draft codes of practice have now been laid before Parliament – with an expectation that these codes will go live in the Autumn. Why is this important? It is clear that the correct identification and payment of contributions is vital to the beneficiaries of a DC scheme. Timeliness is also key: if payments are delayed then there will be a need to reinstate beneficiaries to…

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Follow Up: Department of Work and Pensions : Auto Enrolment Thresholds 2013 / 14

19 December 2012 The Department of Work and Pensions has announced the results of their consultation on auto enrolment thresholds for 2013/14 (our previous article is published here). The conclusion of the consultation has agreed DWP’s approach to align the three key thresholds to the corresponding National Insurance thresholds and the earnings trigger has been adjusted to take into account changes in the PAYE threshold announced in the Chancellor’s Autumn Statement.

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Department of Work and Pensions : Consultation on Auto Enrolment Thresholds 2013 / 14

13 September 2012 The Department of Work and Pensions have published a consultation document on updating the auto enrolment thresholds for the 2013/2014 tax year. The DWP continues to work with three principles that were identified as part of the previous year deliberation: i) bringing the right people into scope, ii) finding the right minimum level of saving and iii) balancing costs and benefits for individuals and employers. The DWP’s provisional proposal updates the threshold levels and, for operational payroll simplicity, aligns these with existing tax and National Insurance thresholds.

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