Opinion – Page 12
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Opinion
Debbie Harrison: Changes to DC auto-enrolment schemes in 2013
The new year will witness a sea-change in the distribution of defined contribution (DC) auto-enrolment pension schemes. The government, backed by the Labour party, will introduce a cap (probably 1%) on member charges for all auto-enrolment schemes, driving medium-sized employers to go directly to a multi-employer trust-based scheme with low ...
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Opinion
Michael Rose: Getting more for less in benefits in 2013
Getting more for less has been a growing theme in 2012, and one that I expect to continue in 2013. Organisations will look for tax-efficient, approved benefits arrangements that can deliver value at low or nil cost, such as salary sacrifice. That said, while there will be a growth in ...
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Opinion
Paul Gilbody: Rise to the challenge of auto-enrolment
For many employers, auto-enrolment will mean making radical changes to their pension provision. But by starting the preparation process well in advance oftheir staging date, they can reduce the risks associated with implementing the new obligations.Once their staging date is known, employers need to start assessing the financial and administrative ...
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Opinion
Charles Counsell: Do not leave auto-enrolment plans too late
Some of the country’s biggest employers have already passed their auto-enrolment duty dates. Hundreds of thousands are entering the planning stage, with roll-out continuing until 2017 for small and micro businesses, and 2018 for new businesses.The changes in pension law are not something for the future for HR professionals. Plan ...
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Opinion
Jill Duggan: Don't leave it too late to plan for auto-enrolment
The press coverage is hotting up and we are seeing adverts on TV and in newspapers. But do employees really know what it is yet and are employers ready?Employers must plan ahead and have a strategy because they will have to make decisions around a complex subject.At Trader Media Group, ...
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Opinion
Mick McAteer: Auto-enrolment will aid inclusion
At the Financial Inclusion Centre, our work covers outright financial exclusion and financial under provision, where people are not making enough provision for their core financial needs.The number of UK households that do not have a pension or are not saving enough into a pension to look forward to a ...
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Opinion
Teresa Dolan: How salary sacrifice fits with auto-enrolment
Initially, there had been some concern over how salary sacrifice would interact with auto-enrolment requirements, given the apparent conflict between the need for permanent changes under salary sacrifice rules and the statutory right to opt out of auto-enrolment.However, HM Revenue and Customs guidance has confirmed that an employer can use ...
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Opinion
Catherine Wilson: Legal issues around auto-enrolment
Under the new rules, employers will need to keep additional records for compliance purposes. These can be either electronic or paper-based, but they must be legible and easily reproduced.Additional information may be needed, such as dates of birth for casual workers, and some data-cleansing may also be required.Employers should review ...
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Opinion
Sarah Ozanne: Legal issues around auto-enrolment
New employee protections have come into place that apply to all employers, regardless of their staging date. It is notclear that employers are generally engaged on this issue.The auto-enrolment regulations are complex and do not fit well with other pension regulations. Some amendments have now been made to align existing ...
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Opinion
Martin Freeman: Payroll issues around auto-enrolment
Employers should be proactive and get on the front foot rather than waiting around for press releases from their payroll provider on what it will be offering.Go to the provider and say: ‘This is what I am going to need, this is how I want to operate: can you help?’Get ...
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Opinion
David Woodward: Payroll issues around auto-enrolment
Many employers have needed to make changes to their payroll systems and to consider whether their payroll provider can offer what is needed to comply with auto-enrolment regulations.One of our customers has been diligent in its evaluation of the options, thorough in its planning activity and engaged theright professionals at ...
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Opinion
Helen Dean: Time for change
This industry forum is supplied by Nest.With the major changes happening to workplace pensions from October, it is important that employers of all sizes start thinking about their own arrangements as soon as possible, because it can take up to 18 months to prepare.They will need to consider everything from ...
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Opinion
Susan Jones: How many default funds?
Offering a choice of default funds to pension scheme members rather defeats their purpose. Defaults are for those who do not want to make any choice about investment, do not feel capable of doing it or think that someone is doing it for them. One of the painful facts about ...
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Opinion
Charles Gillespie: Auto-enrolment is not the end
This Workplace Savings Industry Forum is supplied by Close Brothers:With auto-enrolment just about upon us, discussions around saving in the workplace have generally been focused on the sponsoring employer’s pension scheme.While we cannot underestimate the importance of saving for our retirement, it is also important that employees are in a ...