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Employee reward and benefits news
DWP publishes guidance on pension scheme certification for auto enrolment
Employers are being advised on how to certify defined benefit and hybrid pension schemes when it comes to implementing their auto enrolment schemes.
The Department for Work and Pensions has put together guidance on how to categorise the different types of pension scheme for auto enrolment.
By doing so it is aiming to help organisations continue to use their existing pension schemes, meaning they won't have to completely overhaul their system to comply with the Pensions Act reforms.
Pensions minister Steve Webb said that it is "very encouraging" to see that so many businesses are planning to use defined benefit plans for automatic enrolment.
He said: “Automatic enrolment will begin in October and organisations of all sizes will be part of it, with the largest employers going first.
“The guidance will help employers that are already providing good workplace pension schemes to continue to do so under the reforms."
Thomsons Online Benefits can help you find out what auto-enrolment means for you and how much it could cost your organisation.
Posted by Editorial Team
July 4th 2012
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