Pioneers Post
the business
  • strict warning: Declaration of context_condition_path::execute() should be compatible with context_condition::execute($value) in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/sites/all/modules/context/plugins/context_condition_path.inc on line 0.
  • user warning: UPDATE command denied to user '408302_semagad'@'10.187.244.227' for table 'cache_content' query: UPDATE cache_content SET data = 'a:10:{s:10:\"field_date\";a:1:{i:0;a:4:{s:5:\"value\";s:19:\"2011-11-14T00:00:00\";s:8:\"timezone\";s:13:\"Europe/London\";s:11:\"timezone_db\";s:13:\"Europe/London\";s:9:\"date_type\";s:4:\"date\";}}s:12:\"field_source\";a:1:{i:0;a:1:{s:3:\"nid\";N;}}s:17:\"field_story_img_1\";a:1:{i:0;a:10:{s:3:\"fid\";s:4:\"3719\";s:4:\"list\";s:1:\"1\";s:4:\"data\";a:2:{s:3:\"alt\";s:0:\"\";s:5:\"title\";s:0:\"\";}s:3:\"uid\";s:4:\"2355\";s:8:\"filename\";s:16:\"Staging date.png\";s:8:\"filepath\";s:60:\"sites/default/files/images/stories/images_1/Staging date.png\";s:8:\"filemime\";s:9:\"image/png\";s:8:\"filesize\";s:6:\"130507\";s:6:\"status\";s:1:\"1\";s:9:\"timestamp\";s:10:\"1321354695\";}}s:25:\"field_story_img_1_caption\";a:1:{i:0;a:2:{s:5:\"value\";N;s:6:\"format\";N;}}s:27:\"field_story_img_1_in_teaser\";a:1:{i:0;a:1:{s:5:\"value\";s:1:\"1\";}}s:16:\"field_story_lead\";a:1:{i:0;a:2:{s:5:\"value\";s:1104:\"<p><em style=\"margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; font-weight: inherit; font-style: italic; font-size: 12px; font-family: inherit; vertical-align: baseline; text-align: left; \">Big reforms are taking place with workplace pensions over the next four years. Providing advice here is Logan Anderson, Head of Customer Relations at&nbsp;<a href=\"http://www.thepensionstrust.org.uk\"><font class=\"Apple-style-span\" color=\"#0066cc\" face=\"inherit\"><span class=\"Apple-style-span\" style=\"border-bottom-width: initial; border-style: initial; border-color: initial; font-style: inherit; border-bottom-color: initial; outline-width: initial; outline-color: initial;\">The Pensions Trust</span></font></a>, which provides high quality workplace pensions to over 4,300 organisations and 147,000 people in the third sector, including social enterprises.</em></p>\";s:6:\"format\";s:1:\"2\";}}s:17:\"field_story_quote\";a:1:{i:0;a:2:{s:5:\"value\";s:1317:\"<p><strong>Glossary of terms</strong></p>\r\n<div id=\"cke_pastebin\">Eligible Jobholders: Are eligible for automatic enrolment. They are employees:</div>\r\n<div id=\"cke_pastebin\">&bull; aged between 22 and State Pension Age (SPA);&nbsp;</div>\r\n<div id=\"cke_pastebin\">&bull; who (ordinarily) work in the UK; and&nbsp;</div>\r\n<div id=\"cke_pastebin\">&bull; have qualifying earnings payable by the employer in the relevant pay reference period that are above the earnings trigger for automatic enrolment (currently &pound;7,475).&nbsp;</div>\r\n<div id=\"cke_pastebin\">&nbsp;</div>\r\n<div id=\"cke_pastebin\">Qualifying Earnings: Are earnings between &pound;5,035 and &pound;33,540 (in 2008 terms). &nbsp;Employers can choose to base pension contributions on another definiton of earnings if they want to, as long as minimum contributions are paid.</div>\r\n<div id=\"cke_pastebin\">&nbsp;</div>\r\n<div id=\"cke_pastebin\">Qualifying Scheme: A workplace pension scheme that meets minimum &lsquo;access&rsquo; and &lsquo;quality&rsquo; standards. Very briefly, employees won&rsquo;t have to make decisions or provide signatures in order to join (&lsquo;access&rsquo;). &lsquo;Quality&rsquo; standards relate to minimum contributions being paid or minimum benefits being provided, depending on the type of pension scheme. &nbsp;&nbsp;</div>\";s:6:\"format\";s:1:\"2\";}}s:18:\"field_story_teaser\";a:1:{i:0;a:2:{s:5:\"value\";s:236:\"<p>Big reforms are taking place on workplace pensions over the next four years, starting in October 2012. Do you know rights? Logan Anderson of <a href=\"http://www.thepensionstrust.org.uk\">The Pensions Trust</a> provides the answers</p>\";s:6:\"format\";s:1:\"2\";}}s:25:\"field_story_related_nodes\";a:2:{i:0;a:1:{s:3:\"nid\";s:4:\"7837\";}i:1;a:1:{s:3:\"nid\";s:4:\"7987\";}}s:17:\"field_story_files\";a:1:{i:0;N;}}', created = 1454840296, expire = 0, headers = '', serialized = 1 WHERE cid = 'content:8272:17912' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
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  • user warning: UPDATE command denied to user '408302_semagad'@'10.187.244.227' for table 'cache_filter' query: UPDATE cache_filter SET data = '<p><strong>Are you ready for 2012?&nbsp;</strong></p>\n<div id=\"cke_pastebin\">Workplace pension reforms will be introduced over a period of four years, starting in October 2012. This extended timeframe is known as &lsquo;staging&rsquo; and each employer will have a specific &lsquo;staging date&rsquo;. &nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">On or shortly after their staging date employers will be required to enrol &lsquo;eligible jobholders&rsquo; into a workplace pension scheme. This is known as auto-enrolment. Employers will also have to pay contributions.&nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\"><strong>What do you have to do?</strong></div>\n<div id=\"cke_pastebin\">You will need to consider a number of things. When is your &lsquo;staging date&rsquo;? Which pension scheme will you provide to employees? How much will this cost? I will expand on these points within this article.</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\"><strong>When is my &lsquo;staging date&rsquo;?</strong></div>\n<div id=\"cke_pastebin\">Your &#39;staging date&#39; is dictated by the size of your organisation and your PAYE reference number. From this date all your &lsquo;eligible jobholders&rsquo; will need to be enrolled into a &lsquo;qualifying&rsquo; pension scheme.&nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">The Pensions Regulator will write to you 12 months before your &lsquo;staging date&rsquo; and again three months before. However, it is important to start planning now, especially if you don&rsquo;t already have a pension scheme set up.</div>\n<div id=\"cke_pastebin\">If you want to know when your organisation will need to provide a workplace pension scheme please <a href=\"http://www.thepensionstrust.org.uk/surveys/stagingdatetool.aspx\">click here</a>&nbsp;to visit our website to use our interactive &lsquo;staging date tool&rsquo;. This website tool will provide your &lsquo;staging date&rsquo; and an information document on auto-enrolment.&nbsp;</div>\n<div>&nbsp;</div>\n<div id=\"cke_pastebin\"><strong>Which pension scheme should I choose?&nbsp;</strong></div>\n<div>If you already have a pension scheme set up for your employees, you will need to check with your supplier that it is a &lsquo;qualifying&rsquo; scheme.&nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">If your preference is not to have the burden of trusteeship (including selecting administrators and investment managers for your members&rsquo; funds), you might consider using The Pensions Trust&rsquo;s Flexible Retirement Plan. This multi-employer defined contribution arrangement is offered exclusively for the voluntary and social sectors, including social enterprises.</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\"><strong>What will it cost?</strong></div>\n<div id=\"cke_pastebin\">The table shows the minimum contribution costs, based on employees&rsquo; &lsquo;qualifying earnings&rsquo;. However, you may also need to budget for additional administration costs, especially in the lead up to and shortly after staging. &nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\"><img alt=\"\" src=\"/sites/default/files/Screen shot 2011-11-15 at 10.35.53.png\" style=\"width: 399px; height: 160px; \" /></div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\"><strong>What next?</strong></div>\n<div id=\"cke_pastebin\">Hopefully this article has provided an insight into auto-enrolment and the requirements employers will need to provide for their employees. For much more detailed information, have a look at the guides on The Pensions Regulator&rsquo;s website at <a href=\"http://www.thepensionsregulator.gov.uk/employers/7-steps.aspx\">www.thepensionsregulator.gov.uk/employers/7-steps.aspx</a></div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">If you are interested in finding out more about the Trust&rsquo;s Flexible Retirement Plan or auto-enrolment please contact our New Business Team on telephone 0113 394 2686 or email <a href=\"mailto:contact@thepensionstrust.org.uk?subject=Query%20via%20Socialenterprislive.com\">contact@thepensionstrust.org.uk</a>.&nbsp;</div>\n<div>&nbsp;</div>\n<div><em style=\"border-style: initial; border-color: initial; \">If you liked this article why not sign up to our free weekly newsletter LIVEWIRE by&nbsp;<a href=\"http://www.socialenterpriselive.com/page/livewire-signup\" style=\"border-style: initial; border-color: initial; \" target=\"_blank\">clicking here</a>?</em></div>\n', created = 1454840296, expire = 1454926696, headers = '', serialized = 0 WHERE cid = '2:e6decda11ee79671ad5688025fe742fa' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
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  • user warning: UPDATE command denied to user '408302_semagad'@'10.187.244.227' for table 'cache_filter' query: UPDATE cache_filter SET data = '<p><em style=\"margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; font-weight: inherit; font-style: italic; font-size: 12px; font-family: inherit; vertical-align: baseline; text-align: left; \">Big reforms are taking place with workplace pensions over the next four years. Providing advice here is Logan Anderson, Head of Customer Relations at&nbsp;<a href=\"http://www.thepensionstrust.org.uk\"><font class=\"Apple-style-span\" color=\"#0066cc\" face=\"inherit\"><span class=\"Apple-style-span\" style=\"border-bottom-width: initial; border-style: initial; border-color: initial; font-style: inherit; border-bottom-color: initial; outline-width: initial; outline-color: initial;\">The Pensions Trust</span></font></a>, which provides high quality workplace pensions to over 4,300 organisations and 147,000 people in the third sector, including social enterprises.</em></p>\n', created = 1454840296, expire = 1454926696, headers = '', serialized = 0 WHERE cid = '2:7bea0d08279784277bab3360c0557347' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
  • user warning: UPDATE command denied to user '408302_semagad'@'10.187.244.227' for table 'cache_filter' query: UPDATE cache_filter SET data = '<p><strong>Glossary of terms</strong></p>\n<div id=\"cke_pastebin\">Eligible Jobholders: Are eligible for automatic enrolment. They are employees:</div>\n<div id=\"cke_pastebin\">&bull; aged between 22 and State Pension Age (SPA);&nbsp;</div>\n<div id=\"cke_pastebin\">&bull; who (ordinarily) work in the UK; and&nbsp;</div>\n<div id=\"cke_pastebin\">&bull; have qualifying earnings payable by the employer in the relevant pay reference period that are above the earnings trigger for automatic enrolment (currently &pound;7,475).&nbsp;</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">Qualifying Earnings: Are earnings between &pound;5,035 and &pound;33,540 (in 2008 terms). &nbsp;Employers can choose to base pension contributions on another definiton of earnings if they want to, as long as minimum contributions are paid.</div>\n<div id=\"cke_pastebin\">&nbsp;</div>\n<div id=\"cke_pastebin\">Qualifying Scheme: A workplace pension scheme that meets minimum &lsquo;access&rsquo; and &lsquo;quality&rsquo; standards. Very briefly, employees won&rsquo;t have to make decisions or provide signatures in order to join (&lsquo;access&rsquo;). &lsquo;Quality&rsquo; standards relate to minimum contributions being paid or minimum benefits being provided, depending on the type of pension scheme. &nbsp;&nbsp;</div>\n', created = 1454840296, expire = 1454926696, headers = '', serialized = 0 WHERE cid = '2:7fb6476b946bda2a85bce4c706356c5a' in /mnt/stor2-wc1-dfw1/408302/www.socialenterpriselive.com/web/content/includes/cache.inc on line 109.
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Preparing for pension reform: the essentials of auto-enrolment

14 November 2011

Glossary of terms

Eligible Jobholders: Are eligible for automatic enrolment. They are employees:
• aged between 22 and State Pension Age (SPA); 
• who (ordinarily) work in the UK; and 
• have qualifying earnings payable by the employer in the relevant pay reference period that are above the earnings trigger for automatic enrolment (currently £7,475). 
 
Qualifying Earnings: Are earnings between £5,035 and £33,540 (in 2008 terms).  Employers can choose to base pension contributions on another definiton of earnings if they want to, as long as minimum contributions are paid.
 
Qualifying Scheme: A workplace pension scheme that meets minimum ‘access’ and ‘quality’ standards. Very briefly, employees won’t have to make decisions or provide signatures in order to join (‘access’). ‘Quality’ standards relate to minimum contributions being paid or minimum benefits being provided, depending on the type of pension scheme.   

Big reforms are taking place with workplace pensions over the next four years. Providing advice here is Logan Anderson, Head of Customer Relations at The Pensions Trust, which provides high quality workplace pensions to over 4,300 organisations and 147,000 people in the third sector, including social enterprises.

Are you ready for 2012? 

Workplace pension reforms will be introduced over a period of four years, starting in October 2012. This extended timeframe is known as ‘staging’ and each employer will have a specific ‘staging date’.  
 
On or shortly after their staging date employers will be required to enrol ‘eligible jobholders’ into a workplace pension scheme. This is known as auto-enrolment. Employers will also have to pay contributions. 
 
What do you have to do?
You will need to consider a number of things. When is your ‘staging date’? Which pension scheme will you provide to employees? How much will this cost? I will expand on these points within this article.
 
When is my ‘staging date’?
Your 'staging date' is dictated by the size of your organisation and your PAYE reference number. From this date all your ‘eligible jobholders’ will need to be enrolled into a ‘qualifying’ pension scheme. 
 
The Pensions Regulator will write to you 12 months before your ‘staging date’ and again three months before. However, it is important to start planning now, especially if you don’t already have a pension scheme set up.
If you want to know when your organisation will need to provide a workplace pension scheme please click here to visit our website to use our interactive ‘staging date tool’. This website tool will provide your ‘staging date’ and an information document on auto-enrolment. 
 
Which pension scheme should I choose? 
If you already have a pension scheme set up for your employees, you will need to check with your supplier that it is a ‘qualifying’ scheme. 
 
If your preference is not to have the burden of trusteeship (including selecting administrators and investment managers for your members’ funds), you might consider using The Pensions Trust’s Flexible Retirement Plan. This multi-employer defined contribution arrangement is offered exclusively for the voluntary and social sectors, including social enterprises.
 
What will it cost?
The table shows the minimum contribution costs, based on employees’ ‘qualifying earnings’. However, you may also need to budget for additional administration costs, especially in the lead up to and shortly after staging.  
 
 
 
What next?
Hopefully this article has provided an insight into auto-enrolment and the requirements employers will need to provide for their employees. For much more detailed information, have a look at the guides on The Pensions Regulator’s website at www.thepensionsregulator.gov.uk/employers/7-steps.aspx
 
If you are interested in finding out more about the Trust’s Flexible Retirement Plan or auto-enrolment please contact our New Business Team on telephone 0113 394 2686 or email contact@thepensionstrust.org.uk
 
If you liked this article why not sign up to our free weekly newsletter LIVEWIRE by clicking here?
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