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Under workplace pension reform the UK’s employers will have to cope with major reforms to workplace pensions that will be implemented in stages from October 2012. The reforms will affect all employers, irrespective of their size or type of business.
For the first time employers will have to automatically enrol certain workers into a pension scheme that meets a statutory quality criteria. And, also for the first time, employers will have to pay a minimum level of pension contributions or provide a minimum level of benefits for their workers.
This guide is intended to help demystify this complex new area of law. The first part focuses on employer duties and covers the range of new duties with which employers will have to comply under the reforms.
Part two guides employers and pension schemes through implementation of the reforms in respect of existing and new pension provision.
The third part covers the administration issues employers and pension schemes will need to consider when dealing with workplace pension reform.
The reforms are complex and present an array of issues for employers. Businesses need to consider how to administer new enrolment processes, how to pay for mandatory contributions and how to monitor their workforces to ensure compliance with the new employer duties.
Workplace pension reform has introduced a range of new terms and definitions into pensions and employment law. To make this analysis easier to follow, these new terms are defined in the glossary.