Outsource Magazine Issue 28 - (Page 98)

TOP TEN UK PENSION REFORM This issue’s Top Ten examines what organisations big and small need to consider in the light of recent legislation reforming the UK’s pensions landcape… Clare Blatchford-Hanna Clare Blatchford-Hanna is a specialist in HR Service Delivery within organisations ranging from small UKbased businesses through to large-scale international corporates. O 98 ●● ● ver the next few years, all businesses in the UK, including those with a single employee, will be considering how best to deliver the Pension Auto Enrolment scheme. Fundamentally, Auto Enrolment – a government led initiative aiming to ensure the UK population has a provision for retirement – requires that all employers join eligible employees to a pension scheme on the first day of eligibility, whether that is into a NEST (government) or private pension scheme/fund. Employers must show that they have marketed their offering, communicated with employees and can report on activity and opt-outs as required. As this requires a minimum one per cent pensionable employee salary contribution by the employer, and the marketplace continues to drive competition, it is not a particularly welcome addition to the ledger (along with its trusty sidekick "administrative burden"). However, it seems that providers are very willing and able to support, and are offering a strong employee communication service critical to successful change programs. Here are my top ten issues to bear in mind when navigating the quagmire of UK pension reform. Understand your staging date and be prepared There are changes that will need to be made: changing contracts, communications, briefing groups, training payroll/HR etc. These need to be planned in for launch, and be compliant from day one. Most providers have not yet been inundated with requests to participate in vendor selection and are keen to secure business early. This means they have time to engage on a very detailed level should you require support on understanding the legislation. 1 “A corporation’s responsibility is to the shareholders, not its retirees and employees. Companies are doing everything they can to get rid of pension plans and they will succeed.” – Ben Stein www.outsourcemagazine.co.uk http://www.outsourcemagazine.co.uk

Table of Contents for the Digital Edition of Outsource Magazine Issue 28

Deep Thought
John Seddon
At Your Service?
Plenty To Chew On
The Power of Two
Big Data
Invested Outsourcing
Tim Cummins
NOA Round-Up
Managing Knowledge in a Partnership
A Long Way Still To Go
Recruitment Process Technology
Let’s Talk About Our Relationships
Great Expectations
Transformative Technology
The Future of Rightshoring
Top Ten
The Legal View
HfS Round-Up
Online Round-Up
Inside Source
The Last Word

Outsource Magazine Issue 28