Workplace pensions law has changed and every employer with workers in the UK will be required to help more of their workers save for their retirement.
The new rules apply to more and more companies each month and it is important for employers to be aware when their staging date is and begin to put measures in place to deal with enrolment.
Your staging date is determined by the total number of persons in your largest PAYE scheme.
Even if a staging date is some time away, it could be a factor today in negotiating long-term client arrangements, if those arrangements include fixed rates – will you be able to pass on additional costs to your clients?
In addition, thresholds have increased for 2013/2014. Both the qualifying earnings bands (i.e. bands in between which a % of salary is contributed) and the earnings trigger (the sum an individual has to earn to be automatically enrolled into a pension scheme) have gone up.