When does it take effect?
Whilst the Act itself has been passed, no implementation date has yet been set and the Government has stated that there will be further consultation before implementing Regulations are published.
What do we need to know?
- The intention of this Act is that eligible workers will be auto-enrolled into a workplace pension at age 18 (currently the age for auto-enrolment is 22).
- The Lower Earnings Limit for qualifying earnings will also be removed so contributions will apply from the first £1 of earnings.
What do we need to do to prepare?
- The Department for Work and Pensions has said it will launch a Consultation on implementation in due course and this will inform the detail of the changes.
- For now, keep this development on your radar and watch out for further announcements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
