The Pensions regulator has published guidance about preparing for the new employer pension duties. The new requirements will require all UK employers to automatically enrol eligible employees into a qualifying pension scheme after 01 October 2012.Under the new pensions rules employers will be notified by the Pensions Regulator of the ‘Staging date’ on which they must commence automatic enrolment and this has already started in the UK’s largest companies.
Under the central government-established scheme NEST, employers will be required to pay contributions of 3% of earnings between £5,715 and £33,540 each year whilst employees will be required to contribute 5%.
See: detailed Guidance