Shortly the Pensions Regulator will be writing to all UK small and micro businesses to tell them about their new legal duties to automatically enrol their staff into a workplace pension.
The letter tells employers when their staging date is. This is when their automatic enrolment duties come into effect and is set in
With further savings needing to be made by the Government and with general speculation as to whether or not there will be tax rises, it is a fair assumption that changes to tax and pensions will be announced on 21st March 2012.
It is accepted practice that changes announced at the budget take effect from Budget Day and so if
From April 2011 all SSAS are required to have adopted A-Day rules. If you have small private schemes it might be worth speaking with the schemes administrators to ensure these changes have been made the scheme
The Government is implementing a compulsory pension scheme from 2012.
From 2017 employers will need to contribute at least 3% of earnings. Employees will contribute 4% and HM Revenue & Customs 1% as tax relief.
Compliance will be regulated by the Pensions Regulator.
More details of the NESTS will be posted