Starting in 2012 and completing in 2017, the Department for Work and Pensions is rolling-out pension reforms aimed at the millions of people it is believed are not saving enough for the income they desire on retirement.
Pension Act 2008 requirement
Known as auto-enrolment, the act requires every employer to automatically enrol their workers into a qualifying pension scheme and contribute to their pension.
Coroni’s flexible benefits application, Reflex, meets the needs of businesses requiring pension auto-enrolment as well as those operating a full flexible benefit scheme.
Pension auto-enrolment applies to all UK workers over 22, but not yet at State Pension Age, who earn more than a minimum earnings threshold and who are not yet in a qualifying pension scheme. These kind of data-driven rules are exactly how eligibility for benefits operates,says Director, Kevin Shepherd
With flexible benefits, employees receive a default set of benefits according to the scheme rules, and pension auto-enrolment has the same default requirements. Although the employee makes the ultimate decision, those earning above the minimum are assumed to opt-in, while those below are assumed to opt-out
The mechanism for delivering pension choice has always been available through Reflex while its accommodating and simple configuration options support auto-enrolment needs such as changing contribution rates, re-enrolment every three years, deferrals on a company or individual basis and employees reaching age bands.
We receive regular updates on regulation changes from the DWP and HMRC and ensure our flex and payroll applications meet the Government standards. We are working with our consultancy partners to keep clients fully aware of their responsibilities and deliver a pension strategy that suits them and is compliant.