Pensions Auto enrolment

advice

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until the first staging date!

Revised staging dates have been detailed in a written statement to Parliament

Click here for the schedule.

Money Marketing reports today that the DWP will confirm a delay to auto enrolment for firms with less than 50 employees.

Also that “The Telegraph report [that there will be an indefinite delay] is not correct. Every worker will be automatically enrolled. There will be a delay, but to say that auto-enrolment is indefinite is incorrect. Details will be published this afternoon at around 2.30.”

Slightly different take on the same issue here.

Update - the DWP have confirmed there will be a delay of 1 year for firms employing fewer than 40 staff.

According to the Daily Mail, the government has released a report indicating that it may delay the auto-enrolment legislation for firms with less than 40 employees.

Article here    We are not responsible for the content on other websites.

ATP, the Danish pension scheme, have announced a “competitor scheme” to NEST. It will be called NOW: Pensions.

Press release here

The Work and Pensions Committee is to conduct an inquiry into auto-enrolment and the National Employment Savings Trust (NEST). Further details here at the pensions advisory service.

NEST have (at last!) revamped their website.

There is lots of useful information on the scheme available.  Why not go on over and have a look?

Nest reduces contribution charge to 1.8%

As it says a bit cheaper but still expensive.

Nest Corporation has confirmed that Tata Consultancy Services will administer the national saving scheme until June 2020, with the option to extend for a further five years.

The contract covers all aspects of scheme administration including web-based enrolment, record-keeping, contribution collection and details of each individual’s retirement pot.

The terms of the deal, worth around £600m, had been subject to a review as part of the Government’s wide-ranging cost saving drive. The DWP could have activated an October break clause if it decided the Indian firm should not fulfil the remainder of the contract.

The funds to be used in NEST have been announced:

•Global Equities Developed Fund: a passive global equity fund, benchmarked against either MSCI World or FTSE World indices

•UK Fixed Interest Fund: a passive UK gilts fund, benchmarked against the FTSE Actuaries All Stocks index.

•IL Gilts Indexed Fund: a passive UK index-linked fixed interest fund, benchmarked against the FTSE Actuaries Over Five Years Index Linked Gilt index.

•Cash Fund: a low-risk cash management fund benchmarked against GBP seven-day LIBID.

•Diversified Beta Fund: invested in a broad, diversified range of asset

Given the above, I checked the NEST website.  This is what they say NEST will be:

“It will be simple and easy to administer with straightforward and convenient online services and tools.”

No comment.

No escape for small employers

It was hoped that employers with few employees might escape the legislation, but this is not the case.

Auto enrolment for all employees earning more than £7,475 confirmed.

Any employee aged over 22 years with over 3 months service will have to be auto enrolled.

Government urged to allow transfers into and out of NEST

If individuals have other pensions they will not be able to amalgamate them with their NEST pension pot in any way at any time.

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