The last few years have seen some of the biggest changes to the pensions industry, including the introduction of auto enrolment and the introduction of pension freedoms. Both of these have revolutionized the pensions industry, with auto enrolment ensuring millions more people are saving for their retirement and pension freedoms giving people far more options as to what they can do with their money.
With auto enrolment now here to stay and an undoubted success story, it is easy to forget that the full implementation process isn't actually finished yet and not all businesses have gone through their staging. It's also important to realise that once this has been done, there is, of course, the issue of re-enrolment which all companies will be subject to too.
As the summer draws to an end, the busy year for pensions and auto enrolment continues, with still a lot in the pipeline for 2017. We take a look at some of the important dates to look out for in the next couple of months.
28 September - On this day, the Office for National Statistics (ONS) will release data for active pension membership from 2016 as part of its annual survey. Auto enrolment is expected to contribute to positive results.
1 October - This date sees the automatic enrolment staging dates for new employers set up since April 2012, with first Pay As You Earn (PAYE) income payable between 1 April 2015 and 31 December 2015. According to the Department of Work and Pensions, if a member becomes an employer or will become a new employer before 30 September 2017, they may not have a staging date and their duties may come into effect on their duties start date.
1 November - This date will see auto enrolment staging dates for new employers set up since 1 April 2012, with first PAYE income payable between 1 January 2016 and 30 September 2016.
By the end of the year, we may also hear more from the government's report into auto enrolment including how it intends to widen its scope and include sectors such as the self-employed.