Guidance has been published for businesses wanting to use high quality pension schemes for the Government’s workplace pension reforms.
The detailed guidance on certifying defined benefit (DB) and hybrid schemes for automatic enrolment will help firms continue to use existing schemes, rather than setting up a new one for reforms.
Starting from October 2012 employers will begin to automatically enrol eligible workers into a qualifying pension scheme, and contribute to that pension.
Minister for Pensions, Steve Webb said:
Automatic enrolment will begin in October and businesses of all sizes will be part of it, with the largest employers going first.
The guidance will help employers who are already providing good workplace pension schemes to continue to do so under the reforms.
It is very encouraging that many employers intend to use DB pensions for automatic enrolment.
Notes to editors:
The following documents are available at:
“Guidance for employers on certifying Defined Benefit and Hybrid Pension schemes”;
“Guidance for actuaries on certifying Defined Benefit and Hybrid Pension schemes”;
“The Hybrid Schemes Quality Requirements Rules 2012” and
The Government response to the consultation on “Automatic enrolment: career average schemes as qualifying schemes”.