October has seen the start of instant pension duties for startup businesses in the UK. From 1 October, employers now have a legal duty to put staff straight into a workplace pension scheme as soon as they employ them.
This coincides neatly with the fifth anniversary of auto enrolment, which has seen more than 8.5 million more people begin saving into a workplace pension scheme, whilst nearly 800,000 employers have met their automatic enrolment duties.
TPR's Director of Automatic Enrolment Darren Ryder commented: "The start of instant pension duties for new businesses will continue the great strides automatic enrolment has made to reverse the downward trend in workplace saving."
"Providing a workplace pension is now the business norm and staff expect to be saving into a pension as part and parcel of their employment."
"Every employer who has successfully met their duties and done the right thing for their staff has contributed to the success of automatic enrolment."
This month has also seen The Pension Regulator publish its latest research into employer awareness of automatic enrolment which has shown that employers continue to think that auto enrolment is good for their staff. Later this Autumn, the Regulator will also publish its survey findings that show a good level of awareness amongst those who advise employers, such as accountants and financial advisors about the new instant pension duties.
Director of Automatic Enrolment Darren Ryder said "Advisers play an important role in supporting employers, therefore it is vital they are equipped with the information they need so they can help their clients who are setting up a new business. I urge advisers to visit our website where they'll find important information to help their clients successfully meet their automatic enrolment duties."