ou may or may not be aware that the law on workplace pension schemes has changed and the Automatic-Enrolment scheme, with which all employers must comply, is currently being rolled out across the UK. This is a new piece of legislation which requires all employers to have a workplace pension scheme in place for their employees, even if it is just one employee, which will automatically enrol all employees into the scheme.
Our view is this is a positive change
The Pensions Regulator is leaving the responsibility firmly on the employer to familiarise themselves with the new laws and to understand their responsibilities, requirements, key dates and deadlines.
From an employer’s point of view, it may not be a welcome change to have to start, or increase contributions to employees’ pension plans, however, the key message about this is that it is compulsory, it is already underway, there is no way to get around it and there are heavy penalties for non-compliance.