New tool to help employers with auto-enrolment
The Pensions Regulator has published a tool to help employers check whether their existing defined contribution schemes meet the minimum requirements for auto-enrolment.
According to the Pensions Regulator, the tool will tell employers whether their workplace scheme will comply under the new rules and provide an idea of what it will need to be eligible.
It is accompanied by a leaflet that sets out questions employers need to ask adviser product providers when setting up a pension scheme for auto-enrolment.
Bill Galvin, chief executive of The Pensions Regulator, said: “It is important that employers and retirement savers have confidence that their chosen scheme is likely to deliver good outcomes.
“The qualifying tool and accompanying leaflet are aimed initially at large employers who are the first to reach their staging dates, but will be available for use by all employers reviewing their existing pension scheme or looking for new products in preparation for automatic enrolment.”