Pensions Regulator – duties and what date those duties will start?

You should have received a letter from the Pensions Regulator by now. The Pensions Regulator is responsible for ensuring that employers comply with their duties under the new pension scheme, and they have been sending out letters to all employers who they think may be affected.

If you haven’t received a letter, then you should contact the Pensions Regulator as soon as possible. They will be able to tell you what you need to do and when you need to do it by.

The new pension scheme – called auto-enrolment – will eventually cover all workers in the UK, but it is being phased in over a number of years. The deadline for employers to comply with their duties depends on the number of workers they have.

If you have more than 250 workers, you should have been enrolled by now. If you have between 50 and 249 workers, you will need to be enrolled by 1 April 2017. And if you have fewer than 50 workers, you will need to be enrolled by 1 April 2018.

Once you have been enrolled, you will need to make sure that your workers are enrolled too. Workers can opt out of the scheme if they want to, but you will need to make sure that they understand the benefits of being enrolled.

The new pension scheme is designed to help people save for their retirement. Under the scheme, both employers and workers make contributions into a pension pot. The money in the pension pot can then be used to provide an income in retirement.

The scheme is compulsory for all employers, but there are some exemptions. For example, if you are self-employed, you do not have to enroll yourself into the scheme.

If you are an employer and you have not received a letter from the Pensions Regulator, you should contact them as soon as possible. They will be able to tell you what you need to do and when you need to do it by.