|
answer text |
<p>Automatic enrolment has been a great success, with over 9.7 million employees enrolled
and more than 1.2 million employers have met their duties to date. Government has
put in place a robust, proportionate compliance framework. This is administered by
The Pensions Regulator, and includes detailed regulatory guidance about how to comply
with the law. An employer is required to select a qualifying pension scheme; enrol
qualifying staff into that scheme, and deduct any contributions payable under automatic
enrolment.</p><p> </p><p>Employers are also required to pay those contributions across
to their chosen pension provider by a set deadline. Although the deadlines for contribution
payments vary, depending on the type of scheme being used, there is an overall legal
deadline of the twenty-second day of the following month; which aligns with the HMRC
deadline for paying tax and National Insurance. <br></p><p>Qualifying pension schemes
for automatic enrolment are subject to the same regulatory framework as all trust-based
workplace pension schemes, also overseen by The Pensions Regulator. The Regulator
has published codes of practice on its website setting out how trustees of defined
contribution pension schemes and managers of personal pension schemes should monitor
the payment of contributions; provide information to help members check their contributions;
and report material payment failures to the Regulator.</p>
|
|