Blog Topics
The New Pensions Act – Are you Prepared?
Posted on 01 July 2011 by Noreen Munro
New pension regulations are to be phased in from October 2012.
All employers will be required to offer a qualifying workplace pension scheme and automatically enrol eligible employees.
Eligible employees are aged between 22 & 75 and earning between £5035 and £33540 per annum (based upon current pay levels).
At least 8% of the employee's qualifying earnings must be paid into the pension scheme and be made up of the following minimum contributions:
- Employee 4%
- Employer 3%
- Tax Relief 1%
As an employer, it is your responsibility to ensure that your payroll and HR systems can cope with the additional burden. If you outsource your payroll then your payroll service provider will be able to advise you further.
Now is the time to start implementing changes.
More information is available on the DWP website.
The full act is available here.
Legislation
Our Latest blog posts
view all-
The Outsourcing Transfer Process
A brief look at the process behind transferring a payroll
-
Outsourcing Your Payroll – What to Expect?
First in a serious of posts about payroll outsourcing, the decision process and the benefits as well as the actual process of transferring a...
-
In-House vs Outsourcing Payroll
We look at some of the issues that drive a company's decision to process their payroll in-house or to outsource to a payroll provider.
