The Department for Work and Pensions has brought a touch of celebrity magic to workplace pension reform by getting Theo Paphitis, Nick Hewer and Karren Brady to say "I'm in" for automatic enrolment. Advertisements featuring prominent business leaders now appear on TV, radio and in the national press, magazines and online. The mainstream media has joined the pensions press in heralding the launch of workplace pension reform as a major development in the provision of workplace pensions. And it all starts today.
Under the reforms, thousands of workers will be automatically enrolled into automatic enrolment schemes. Workplace pension reform is being steadily introduced and applies from today to the UK's largest four employers. By 1 June 2013, employers with more than 4,000 workers in their largest PAYE scheme will be subject to the new employer duties. And, by 1 January 2014 any employer with more than 350 workers will be affected.
So, workplace pension reform is finally here. Are you ready? If you don't know your 'eligible jobholders' from your 'entitled workers' and are unsure whether you pay 'qualifying earnings' or if your existing pension arrangements are 'qualifying schemes', don't worry, you are in safe hands.