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UK Pension Reform Legislation 2012 (Doc ID 1361888.1)

Last updated on FEBRUARY 06, 2018

Applies to:

Oracle HRMS (UK) - Version 11.5.10.2 and later
Information in this document applies to any platform.
Checked for currency 15-JUL-2015

Details

Pensions Reform legislation will come into effect in July 2012, bringing a number of new responsibilities which employers must comply with. Oracle development are currently investigating what changes are needed to assist employers with these new duties and this note is to update you with the current status of this work.

The most significant change to pensions from a payroll perspective is that employers will have a duty to automatically enroll certain employees in a pension scheme which meets specified criteria (known as a qualifying scheme). The employees to be automatically enrolled are those who meet specified age and earnings requirements.

Oracle have been in direct contact for some time with The Pensions Regulator (TPR) with regard to these changes and continue to receive support from them to ensure we are able to resolve any queries relating to the new automatic enrollment duties. Our development process is well underway and we are looking to release a patch to provide functionality to assist employers with the assessment process to determine the status of employees with regard to automatic enrollment. The patch will also provide a mechanism to record data to help employers to comply with the new statutory information which must be supplied to employees at various points in the process. The high-level features which will be supported by the Oracle application are:


At this time, employers should be ensuring they have in place Qualifying Pension Schemes into which they can enroll all eligible employees. They should also review what business processes need to be put in place to handle employee communications. Detailed guidance for employers is available on the TPR website:-


The earliest date from which employers may be required to comply with these duties is October 2012 with the largest employers having the earliest staging dates. Any necessary updates will be provided, for all supported releases, in good time to enable you to meet this date. The patch is expected to be available by the end of March.

In addition to the automatic enrollment duties, a new pensions scheme will be made available which employers may choose to use for automatic enrollment purposes - either for all employees, or for a subset who are not eligible to join a main company scheme. It is important to note that the National Employment Savings Trust (NEST) is simply one scheme which employers may use - there is no compulsion for any employer to make this available. It has no direct link with the new automatic enrollment duties.

Further detail on the details of the new functionality will be provided when the patch is released.

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