BUSINESS


Employers’ 2012 Pension Changes


ou can’t go far these days without bump- ing into the subject of pensions; from the furore over public sector pension reform, to the increasing age at which you get your state pension, there are a lot of things to get to grips with.


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If you are an employer, the in- troduction of “auto-enrolment” requires you to consider what you need to do and when you will need to do it. The “when” depends on the number of employees you have. If you


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have fewer than 30 employees as at June 2015, these rules won’t apply until 1st January 2016, but don’t forget about it because these regulations will affect all employer pension schemes by 1st April 2017. If you are a larger employer, the changes could be hitting you in October 2012 - this year – so you don’t have a lot of time.


As an employer… If you are an employer, you must set up a pension scheme for your employees aged 22- 65 earning above a certain limit. You will also need to


contribute a minimum amount to that scheme to match the amounts that the employee themselves has to contribute. The amount you have to put in will rise from 1% to 3% of earnings, although only on earnings between £5,564 and £39,853, by 2018.


If you don’t have a scheme, you will be able to use the NEST – National Employment Savings Trust set up by the government. If you already have a scheme that ticks all the boxes, you won’t need to set up a new one.


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