Companies are required to be compliant from October 2012. The specific staging date will vary dependent on the size of business and PAYE reference number. The employer duties of the Pensions Act 2008 come into force on 1st September 2012, however employers will be brought into the regime gradually to facilitate a smooth take-on of employers by the Pensions Regulator.
There are 42 different staging dates for the implementation of the pensions regulations. The calculator below details the 42 dates, which are determined primarily by PAYE scheme size, although there are some exceptions to this. Employers with more than one PAYE will start their duties for all their PAYEs at the same time, on the staging date of their largest PAYE. Try the calculator below.
With less than a year to go until the initial rollout, auto enrolment is set to radically transform workplace pension saving. It will also require businesses to put forward a substantial upfront investment in HR, payroll and pensions processes and systems.
The full list of staging dates can be obtained from the Department of Work and Pensions website. The Pensions Regulator has urged employers to spread the “know your date” message out to clients in response to the upcoming automatic enrolment challenge. The Regulator will write to all employers about twelve months before their introduction date so that they know when to automatically enrol their eligible workers. Three months before the employer’s introduction date the Regulator will write again to remind them of the new duties and the need to register.