A report which will give guidance to an employer about staff eligiblility, staging date and pensionable salary definitions along with a “to do list” of employer obligations.
The name given to the automatic enrolment of eligible members of staff into a qualifying pension scheme.
The Department for Work and Pensions (DWP) guidance on certifying money purchase schemes confirms that employers can certify their automatic enrolment scheme contributions in four ways. Each one requires a different definition of pensionable salary and each can result in a different level of costs for the employer and employee. Each employer will need to decide which definition is most appropriate for them and publish this before their staging date arrives
DWP (Department for Work and Pensions)
Department for Work and Pensions, government dept responsible for the administration of all state pensions.
Workers who are aged between 22 and the State Pension Age, work in the UK and who earn in total or pro rata for their pay period more than £9,440 (2013/14).
Workers aged at least 16 and under 75, working ordinarily in the UK earning less than £5,668 in total or pro rata for any pay period (2013/14).
NEST (National Employee Savings Trust)
National Employee Savings Trust, a master trust pension scheme with an obligation to accept all employers applications.
Non Eligible Jobholder
Workers aged 16-75, ordinarily working in the UK, earning between £5,668 and £9,440 in total or pro rata for their pay period (2013/14) and also,
Workers aged between 16 and 22 or between the State Pension Age and 75, ordinarily working in the UK, even if they have earnings in excess of £9,440 in total or pro rata (2013/14).
The ability increase pension contributions over time from your staging date until you finally meet the statutory minimum contribution levels rather than going straight to a total of 8% of band earnings.
The process by which an employer can defer enrolling staff, not their staging date, for up to 3 months
QE (Qualifying Earnings)
Qualifying Earnings, a band of earnings between £5,668 and £41,450 for the tax year 2013/14 which is used to calculate the minimum amount of pension contribution that must be made.
The process by which an automatically enrolled member of staff ceases to be a member of a qualifying pension scheme.
Qualifying Workplace Pension Scheme
A pension scheme that meets the minimum criteria set by the government to allow automatic enrolment of eligible staff.
The date by which an employer must meet their obligations under the Pension s Act 2011 for automatically enrolling eligible staff
TPR (The Pensions Regulator)
The Pensions Regulator, responsible for the enforcement of all pensions legislation.