Employee Benefits Summit 2011: Employers prepared for 2012 pension reforms

While the Pensions Bill awaits royal assent, many employers are underway with preparations for the reforms in 2012.

Over half (57%) of the delegates at the Employee Benefits Summit 2011 have started initial preparations for the 2012 pension reforms, while 17% will start to prepare in the next six months.

Large organisations that will be the first to be affected by the 2012 pensions reforms are expected to have all the information they need in time to implement the changes, said David Yeandle OBE, co-author of Making Automatic Enrolment Work Review, in his address to delegates at the summit in Portugal.

Yeandle, also former head of employment policy at EEF, said the recommendations from the review are currently being addressed in the Pensions Bill 2011, which has completed its passage through the House of Lords.

The recommendations, which have been accepted by the government, include the need for effective communications to individuals, employers and the pensions industry before and during the implementation of the reforms.

Yeandle explained that the bill, which is soon to be debated in the House of Commons, is expected to receive royal assent one year before the first organisations will begin to auto-enrol their staff from October 2012.

Read more articles from the Employee Benefits Summit 2011