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Changes to pensions law will affect every employer in the UK from next year, meaning employers must automatically enrol certain members of their workforce into a pension scheme and make a contribution towards the fund.
The new duties will be introduced over four years, starting with the UK’s largest companies in October 2012; other employers will follow from 2013 until 2016.
Every pension scheme must be of the qualifying variety suitable for automatic enrolment, meeting government standards.
A new pension set-up, the national employment savings trust (NEST), has been established; employers can use it to provide a scheme for their workers. They can use their existing scheme or another pension provider, if these meet the necessary requirements
For more information, visit the Pensions Regulator’s website.
