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Workplace Pensions: Are You Ready?

Workplace Pensions: Are You Ready?

The Pensions Regulator is urging all employers to make sure they know when they must introduce automatic enrolment for workplace pension schemes. The latest figures show that more than two million workers have started saving into a scheme with more than 3,500 employers joining the workplace pensions “revolution”, but the regulator is warning that firms who have not yet done so must start preparing for automatic enrolment. Speak to employment lawyers to help prepare for workplace pensions.

Automatic enrolment began in October 2012 and is rolling out from the largest to the smallest employers across the UK. All employers, including charities and the public sector, will eventually need to assess their workforce and automatically enrol eligible workers into a pension scheme. In the new year, tens of thousands of medium-sized companies will need to start introducing automatic enrolment. Preparing for the leap in the number of firms involved, Charles Counsell, executive director of automatic enrolment at The Pensions Regulator, said:

“If they have not done it already I would hope the first thing every employer does when they get back to work after the Christmas break is to check their staging date and prepare for automatic enrolment. The clock is ticking and if employers don’t plan ahead they could face unnecessary challenges and costs in the new year. It’s really important to arrange your pension provision in plenty of time. We urge employers to have an agreement with a provider in place six months before staging. Don’t just assume the first provider you contact will be able to help you.”

Our Employment team provides advice on the employment aspects of all major business decisions. For advice on preparing for automatic enrolment, contact a member of the team: call us on 01895 207892 or email employment@ibblaw.co.uk.