Pension Alert - August 2011

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Topics in this Alert:

- Auto-Enrolment and NEST — Page 1

- Age Discrimination – Default Retirement Age Abolished — Page 2

- Bribery Act 2010 — Page 3

- Early Access Off the Table — Page 3

- DC Contracting Out — Page 4

- Identifying Your Employer — Page 4

- IAS19 Changes — Page 4

- Legislation – Finance Act 2011/ Pensions Bill 2011 — Page 4

Excerpt from "Auto-Enrolment and NEST"

Introduction

Employers will soon be subject to a new duty to enrol eligible employees automatically into a pension scheme and pay a minimum level of contributions in respect of those who are enrolled. A lot of the detail in relation to these new pensions ‘auto enrolment’ obligations is still outstanding and may be subject to further change. However, some aspects of the new regime are becoming clearer, and many clients are starting to think about how they can prepare for compliance.

When will the duty start to apply?

This will start from October 2012 for very large employers. Its implementation is then staggered, for decreasing sized employers (based on the number of people they employ) through to September 2016 (although an employer can voluntarily comply with the new requirements early if it chooses). For example, an employer with between 350 and 499 employees will have to comply with the new duties from 1st January 2014.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

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