This post was written by William Sutton and Marc Bergen.
The new pensions auto-enrolment duties will begin to apply to employers from October 2012 through to September 2016 (depending on the number of people employed). Although some of the detail around the new regime is yet to be finalised, many employers are beginning to put this on the agenda to make sure they are well prepared for their new duties. The first client alert, issued by Reed Smith’s UK pensions group and aimed, predominantly at pension trustees, sets out an overview of what those duties entail. The alert also covers the abolition of the default retirement age and its impact on pension provision/insured benefits, as well as a round up of issues relating to the Bribery Act 2010, early access to pension savings, contracting out in money purchase pension schemes and other topics.
A second more comprehensive client alert on the new pensions duties, which is primarily aimed at employers, is also available here.
For more information on any of these topics, please refer to Simon Hartley, head of Reed Smith’s pension group, or your usual contact at Reed Smith.