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Insight

2012 starts here - compulsory pensions

Some of you will have heard about Britain's new compulsory pension law coming in next year.  The law comes in on a staged basis with the biggest employers affected first in October 2012 - and the Some of you will have heard about Britain's new compulsory pension law coming in next year.  The law comes in on a staged basis with the biggest employers affected first in October 2012 - and the government calls the date when the law applies the "staging date".  Some employers with less than 50 employees may not be caught until 2016, with monthly staging dates for employers throughout that 4 year period.

We are getting to the time where employers have to start planning, reviewing HR and payroll systems and budgeting for the costs involved so the pensions team at FFW are writing several different briefing notes.  The first important point is to find out your staging date - you can do that here.  Beware, although these have been published there is lobbying to push some of the dates further back especially for those with small workforces.

Our briefing notes are going to cover a general introduction, a project planning guide, one on who is and is not an eligible employee, one on what schemes qualify and some of the technical detail on what pay and benefits count and how they are calculated.  The project planner will be available next week, but some of these guides will have to wait because the government are looking at the detailed regulations again.  For instance, they are working on how to treat non-UK workers who are seconded or temporarily working here.

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