AE Pensions Simplified

By May 28, 2015Uncategorized

We are about to start becoming very busy with new companies staging for auto-enrolment, but The Pension Regulator has made life a little more straightforward. The new ‘step by step’ guide seems to have been well thought out, and although there may well be pitfalls it seems a much more readable than some of the lengthy documents previously produced.

 

The single page check list is very helpful, and a simple way of seeing what is required. There is the proviso of seeking ‘legal or other specialist advice’ at the base, but we view this as a positive and constructive approach from The Pension Regulator.

 

What has been less publicised is the reduced correspondence burden. There are less letters to be handed to employees, and although there are still duties, one of the changes is that it appears there is only the requirement to contact an employee the first time their status changes, rather than repeated correspondence. Also several documents have been combined.

 

The Pension Regulator is clear that giving more information than the statutory minimum is still acceptable, if companies already have a system in place. The link to the detailed guidance document can be compared with the step by step guide, and shows that The Pension Regulator is trying to simplify and explain. Long may this continue.