The Pensions Regulator have issued an update this month which some interesting notes as below.
Employers should be wary of falling for a scam involving the sale of fake certificates that suggest they do not have workplace pension duties.
The Pensions Regulator are investigating at least one company offering what it describes as “Certificates of Auto Enrolment Exemption” to employers. If you become aware of a scam like this, you should contact The Pensions Regulator. Reda the guidance for further details on how to spot a scam.
The Pensions Regulator are sending out over 230,000 letters in July, reminding employers about forthcoming increases to the minimum pension contributions they make to staff.
Contributions are being increased gradually over time. From 6 April 2018, the minimum amount employers have to pay in will be 2% of your staff’s pay, and the amount your staff put in will rise to 3%. On 6 April 2019, this will rise again to 3% from the employer, and 5% from staff.
To find out more about what they need to do if you receive a letter, visit the Pension Regulator website.
For the first time, The Pensions Regulator have published research into how UK employers are meeting their duties following the completion of their declaration of compliance. Around 96% of employers asked said they are confident they are fully compliant with their ongoing duties towards their staff. The analysis shows AE is business as usual for employers, and that it’s less complicated than they thought – with most micro employers spending just an hour and a half a month on their duties. The Pensions Regulator have information and guidance to help employers understand ongoing duties.
If you set up your business between October 2016 and June 2017, your staging date will be 01 January 2018.
If you set up your business between July 2017 and September 2017, your staging date will be 01 February 2018.
The Pensions Regulator will shortly be sending out letters to these employers to inform them of their staging date, what their duties are, and when they will need to complete them by.
To find out more about when duties will start for different groups of employers, you can download this table that reflects this information for you in one place.
For any further information contact the payroll team by completing the form on our website. Alternatively you can call us on 020 8977 3559 at our Hampton Wick office to speak to an adviser.