As followers of this blog will be aware, the DWP’s Better Workplace Pensions Consultation presented some fairly significant new challenges to employers with regard to Auto-Enrolment (AE) duties. For more information on the above consultation outcomes please see this earlier post: http://goo.gl/ZH6vrU
What was less clear was the scale of the problem, and how many employers would have to potentially revisit their AE scheme selection in light of these new edicts. So we undertook some research at our recent seminars, and are now able to answer that question.
The links below will help:
Corporate Adviser Magazine: https://www.corporate-adviser.com/news-and-analysis/latest-news/two-thirds-of-schemes-need-review-post-dwp-charge-edict/2011213.article
Reward Magazine: https://www.reward-guide.co.uk/hubs/pensions/employers-needing-to-revisit-auto-enrolment-scheme-selection
So, with potentially more than two thirds of employers needing to review their scheme(s), this is clearly a major issue. A lot will depend on what blanket-terms are offered by pension providers to their books of business. But in the meantime I would encourage employers to at least look at their scheme selection(s) to identify if this is an issue for you. If it is, and given the tight timescales for compliance, I would strongly suggest you seek expert assistance at the earliest opportunity.
Best regards
Steve
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