Auto-Enrolment & NEST
Can you afford an increase in your staff costs? You may have no choice…
Starting from the 1st October 2012 all eligible employees must be auto enrolled into a qualifying workplace pension scheme. Businesses can decide the type of qualifying scheme they wish to use, this could include NEST (National Employment Savings Trust), but we would suggest you seek Financial Advice on this matter. Every scheme needs to meet minimum requirements with regard to the benefits it gives employees. It is essential that the scheme allows for automatic enrolment for employees and for new employees when they are entitled to join. The good news is that most businesses do not have to act now, please watch our video below to find out more.
NEWS UPDATE! 25th January 2012
Since the filming of our video the DWP (Department for Work and Pensions) has confirmed that there will be a delay. The table below sets out the revised dates when employers must commence automatic enrolment into work place pensions for all staff.
| Employer size (by PAYE scheme size) or other description |
|
Date Employer must |
| 250 or more members | 1 February 2014 | |
| 50 to 249 members | 1 April 2015 | |
| Test tranche for less than 30 members | 30 June 2015 | |
| 30 to 49 members | 1 October 2015 | |
| Less than 30 members | 1 April 2017 | |
| Employers without PAYE schemes | 1 April 2017 |
Please keep watching our website for further updates or visit the DWP website at http://www.dwp.gov.uk/newsroom/press-releases/2012/jan-2012/dwp010-12.shtml. If you have any queries on this matter, or would like to know your company's staging date please complete the contact query form at the bottom of this page.