Businesses and HR professionals can make use of two new free guides to learn more about dealing with the new pension saving rules being introduced from October 2012
The National Association of Pension Funds (NAPF) in association with JLT Benefit Solutions has published the 5th and 6th guides in its series ‘New rules for pension saving made simple’.
The two documents are the final leaflets in a very popular series that is giving employers and HR professionals guidance on implementing auto-enrolment. The guides are downloadable from the NAPF website.
The leaflets cover:
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- How to plan a communications campaign to inform staff about the new rules.
- What employees need to be told, and the timeframe for doing this.
- Issues to consider once auto-enrolment is implemented.
- Dealing with fluctuations in pay.
- Key steps to prepare for auto-enrolment.
Joanne Segars, NAPF Chief Executive, said:
“Auto-enrolment will help address the lack of pensions saving in our country by bringing millions of people into saving for their retirement. But it is not a simple and straightforward reform to implement. Firms need to prepare for the new rules carefully.
“These leaflets are designed to assist firms and HR professionals with implementing the reform. They offer easy-to-understand information that sets out what needs to be done and when it needs to be done by.”
The New rules for pension saving made simple series is being sponsored by employee benefits provider JLT.
Duncan Howorth, CEO of JLT Benefits Solutions Ltd, said:
“As we approach the introduction of automatic enrolment into workplace pension schemes for employees of the country’s largest employers, this is also a critical time for organisations of all sizes to ensure they understand what they need to do in order to achieve compliance with this complex legislation.
“JLT welcomes the opportunity of working with the NAPF to share our experiences of automatic enrolment challenges and help employers and scheme trustees address the practical challenges as well as considering how to engage members in an automatic enrolment environment so the workplace can be an effective point to build retirement savings.”
The DWP estimates auto-enrolment, which starts to take effect from October 2012, is likely to bring between 5 and 8 million workers into pension saving.
