Workplace pension changes to be spelled out by Regulator



Changes in Workplace Pensions Rules will be Communicated to Employers, Said the Pensions Regulator

Changes in Workplace Pensions Rules will be Communicated to Employers, Said the Pensions Regulator

The Pensions Regulator has announced in its annual report that details on compliance and enforcement of workforce savings will be published shortly in preparation for auto-enrolment. It will also publish contents for small and micro-employers along with strategies for rule implementation, the report disclosed.

One of the targets for last year was establishment of ‘baseline measure’ for intermediaries and employers’ awareness of the reforms, the regulator added.

Employers’ awareness for workplace pension reforms was found to be 33 percent while for intermediaries the awareness level was measured at a high of 77 percent. The regulator will write to every employer 3 to 12 months in advance of the duty date. Large corporations will be contacted directly while smaller firms will be communicated through trade bodies, the report said.

“We are encouraged at the levels of awareness and understanding amongst large employers, and recognise that there is substantial work to be done for small and micro-employers”, the report said.

“The core duties are staged in over a period of years and do not apply to small and micro-employers until much later in the staging profile. We plan significant campaigns to these audiences beginning in summer 2011”, it added.

“Additionally, we are planning communications activities to pension advisers, trustees and administrators, both direct and through stakeholder bodies”, it announced.

The people’s confidence in the regulator however, dipped marginally in 2010, the report observed. 88 percent of respondents viewed it as a trusted source of information in 2010, down from 91 percent recorded in 2009.

“We are well aware of the challenge in developing awareness and understanding of the reforms, particularly in the harder-to-reach segments of the employer landscape, but we are excited to be playing a prominent role in the plans that have been so carefully constructed over the past few years. We look forward to engaging with all parts of the industry to make automatic enrolment a success”, said Brian Galvin, chief executive of the Pensions Regulator.

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