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The Workplace Pension Reforms

The Reeves NEST Solution

Commencing in October 2012 employers ranging from multinationals to a company employing one or two staff, will need to enrol their workforce into a pension arrangement and make a contribution on the employees behalf. This is a huge step for many employers and will have significant cost implications, however Reeves can provide advice for employers and employees about the pension reform and the National Employment Savings Trust (NEST).

Auto-Enrolment

Employers will have to recognise the employees that they need to auto-enroll and enter them into a scheme that meets certain criteria. This will cover most of the workforce but it does not apply to the following categories of employees:

• An employee that is already in a qualifying workplace pension scheme
• An employee that is under the age of 22
• An employee that is over the state pension age
• An employee whose earnings fall below the minimum criteria
• Workers on short term contracts