Compulsory Pensions - Automatic Enrolment
The Government has announced today some delays to the introduction of compulsory pensions, also known as automatic enrolment. Like the original rules, these categorise employers by size of PAYE payroll as at 1 April 2012.
The key points are:
- Those with 3000 employees or more will stay on the current timetable.
- Those with 50-2999 employees will be on a new timetable yet to be announced.
- Those with less than 50 and those who first become PAYE payroll employers on or after 1 April 2012, whose start dates will be delayed until at least May 2015.
- The compulsory employer contributions which start at 1% (of qualifying pay) will be held at that level for several years more than planned, before stepping up to 2% and then 3%.
Click here for a revised edition of our Briefing Note on implementation, which we have upated today to take account of the Government announcement.
There is also a posting on our Blog - which you can see by clicking here.