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06 December 2011

New practical guide to workplace pension reform explains statutory auto-enrolment

Workplace pensions have been making headlines recently with the government trying to make public sector workers work longer and pay more to get less in retirement. And private sector employers continue to cut back on quality schemes too. However, the new auto-enrolment regime is intended to push things in the other direction.

Government publicity for statutory auto-enrolment should bring the issue to the fore from early 2012 but detailed guidance has already issued by the Pensions Regulator. Statutory auto-enrolment is something union reps need to be ready for, influencing where possible the choice of scheme, anticipating any impact on existing schemes, and ensuring that members benefit from their employer's new responsibilities.

Workers, particularly in the private sector, will be affected and will be looking to unions for information about the new arrangements or changes their employers are planning or making to existing pension provision. This booklet looks at the challenge of auto-enrolment and the broad range of new duties that will shape what employers do next, drawing on guidance published by the Pensions Regulator.

It examines the different kinds of pension scheme that employers may have and how they qualify for use in auto-enrolment, particularly the defined contribution (DC) type likely to become more widespread, and the government-backed NEST scheme. It concludes by looking at what safeguards are available for workers and union members under auto-enrolment.

Workplace pensions reform - a practical guide to auto-enrolment

 

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