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HR Account Manager
Background in recruitment and selection techniques to support employer and employee.
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Wednesday 14th September 2011
NEST - update
As 2012 quickly approaches, many larger UK companies will be preparing to implement their new or revised pension schemes to ensure they meet the minimum qualifying criteria as set out by the Pension Regulations, including auto-enrolment of all staff and compulsory employer and employee contributions. One option all employers have is the simple and low-cost scheme, NEST.
You will no doubt have been confronted with various news articles relating to the proposed changes and what this means to you as an employer. Back in summer 2010, Gravitate HR set out the basic requirements for a ‘qualifying scheme’ and the key implications for SMEs. Whilst the required implementation date for SMEs is further off, it is recommended that small business employers start to seriously consider how they will approach and manage these changes, as there administrative and financial resource compared to their larger counterparts are limited.
Where are we now?
The regulations are continually being reviewed and reassessed, and despite having a fairly good idea of what the criteria will be, the Government continues to issue additional requirements which not only provide further financial and administrative burden for employers, but can be tricky to keep up to date with. We have recently seen a focus on:
- proposing clear guidelines to employers in registering their schemes with The Pensions Regulator;
- upholding employees rights should they be encouraged to opt-out;
- introducing mandatory regulatory communications so all available information is shared with employees
Contact us to learn more
To learn more about the new pension regulations, auto-enrolment, and to obtain the most up to date advice, please contact us.
Gravitate HR will be hosting a seminar run by Scott Moncrieff, directed at employers to ensure the most relevant and appropriate advice is provided to you.