Pension Reforms – How will this affect your business?

by BAR

From 2012 every employer will have to enrol into a workplace pension. The timing depends upon the size of the employer. Very large employers are doing it first, in late 2012 and early 2013. Other employers will follow during 2013 – 2016. The pension scheme must be a qualifying scheme, meaning it must meet certain Government standards. This is the first time that employers have been required by law to contribute to their workers’ pensions. A new pension scheme, NEST (National Employment Savings Trust) has been established, it is available to any employer who chooses to use it. This will enable all employers to provide a pension scheme for their workers, either using NEST, their own scheme or another pension provider.