Posted by

Graham Vidler, NEST

15 Oct 2013

October 2012 heralded a significant transformation in workplace pensions. This transformation was called automatic enrolment and its introduction meant that employers were legally required to automatically enrol eligible workers into a qualifying pension scheme and make contributions on their behalf. The changes are being introduced in stages, with largest employers affected first.

One year on and we are seeing large employers successfully rising to the new challenge and workers starting to save for their future - many for the first time. Here at NEST we are currently working with over 1,000 employers and over half a million workers are now saving with us. That’s a fantastic achievement in just 12 months!

As we celebrate the success of the last year it is important to remember that we still have a long way to go. This radical change to the workplace pension landscape is leading a number of employers into unchartered territory – particularly mid-sized employers and SMEs. Over the next few months, thousands of new employers will reach their staging date and have to meet their automatic enrolment duties. That is why NEST and the British Chambers of Commerce (BCC) have produced this simple guide, designed to help all employers understand what automatic enrolment means to them, what they need to do and most importantly, how to do it.

The BCC is committed to helping their members through this challenge, as is NEST. NEST was built specifically for automatic enrolment and has a suite of tools and guides available on our website, free of charge. So whether you are a workplace pension expert or novice, make sure you are equipped to handle the challenge by reading this guide, visiting our website and making sure you have your plans in place in good time.

 

All views expressed in guest blogs are that of the authors, and not of the British Chambers of Commerce.