NEST Update- for employERs

Starting now, October 2012, ALL employers will have to make compulsory pension provision for their employees


But before you panic, don’t worry. This is being phased in over four years. This process is known as ’staging’

At its simplest, the bigger the company, the earlier the ‘staging’ date.

Employers with more than 50 (fifty) employees in their PAYE scheme as at 1st April (yes, really, it’s not an April Fool!) 2012 will have a staging date between October 2012 and July 2014 with the same rule applying, that the bigger you are, the earlier the date.

Anyone with fewer than fifty employees will have staging date after April 2014 but before February 2016

It is possible to bring forward your staging date if you wish to but only to a set number of dates already listed by The Pensions Regulator (TPR). There is no facility to defer or delay your staging date

The Pensions Regulator has a reasonably clear website: http://www.thepensionsregulator.gov.uk/ if you'd like to read more yourself

As the months roll by, the TPR will be communicating with employers and have promised to do so at least twice in the run up to their staging date.

For all Green Financial clients, I am happy to confirm your date, so you can be prepared in good time, as well as let you know what else, if anything, you need to do.

For me to do this please confirm:

Your PAYE scheme reference number(s) and the size of your PAYE scheme (as above).

Note: If you have more than one PAYE scheme, your staging date will be the one that's earliest.


I can also help clarify any duties you will have under the new rules and contribution levels that will apply

Please contact me if you wish me to help

Ian Green
iangreen@iangreen.com

19th October: I have been asked by a few clients what my fees are for assisting in this area- it will depend on the size of the scheme and the amount of work involved but the first stage(s) are generally just a nominal sum to cover the admin time involved if you don't want to do it yourself