Firstly, a happy new year to all our followers.
…and now back to the usual daily grind for 2013. Only this year ‘the usual’ is not quite so standard.
The last few months has been witness to two of the largest changes in workplace pensions for many years.
Most followers will be aware that Auto-Enrolment started for the largest UK employers in October last year, and the pace really picks up in 2013/14 with most SME’s also being required to comply with this legislation.
And as of yesterday, traditional factored commission for new pension schemes is no longer available. Many employers are still not aware of the impact of this point (known as the Retail Distribution Review (RDR)), yet this is important if you are looking to set up a new scheme to cater for Auto-Enrolment, or possibly even if you are intended to utilise and change an existing scheme for this purpose.
Our recent survey demonstrated just how many employers might be exposed to both the above issues, and coverage of that survey can be viewed here:
https://www.wsandb.co.uk/wsb/news/2231425/majority-of-smes-still-unprepared-for-ae-and-rdr
So plenty to be aware of, and concerned about, for employers on the pension front in 2013.
On the plus side though, the world did not come to an end on the 21st December (despite predictions to the contrary). So forward planning for pensions is probably a nice problem to have really.
Best regards
Steve
Recent Comments