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Explore our quick summary about Auto Enrolment for Employee, Employer, and Oracle-PeopleSoft Customer.
Workplace pensions law has changed. The government has introduced a new law to make it easier for people to save for their retirement. It requires all employers to enrol their workers into a qualifying workplace scheme if they are not already in one. At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer’s scheme. Automatic enrolment is meant to overcome this.
More details available under
Below given a quick summary about Auto Enrolment for Employee, Employer and Oracle-PeopleSoft Customer.
If employee joins a money purchase (defined contribution) scheme, employee will have their own pension pot which will be open upon retirement. Contributions from employee, employer and government will be paid into employee’s pot. Employee can retain the same pot even if they move jobs.
Scheme, pension pot, qualify, defined contribution – What is it?
A qualifying scheme can be:
A defined contribution scheme with a minimum contribution (Or)
A defined benefit or hybrid scheme which meets certain conditions.
Sample calculation for employees with TIER 1 scheme:
Each month*,
Scheme will be set by the employer. Please contact the employer for the qualifying scheme.
Yes, employees will be automatically enrolled to the scheme, if employee,
Even if employee doesn’t qualify automatically, employee has the right to join the scheme. Options are available for employee to optout and/or rejoin the scheme.
DO NOT misinterpret this post/document as an enforcement to challenge the organization. Please speak to your organization for more details.
Yes. Although automatic enrolment comes in from 1 October 2012, individual employers’ duties will be introduced gradually over the following five years, and will be based on the employer’s size.
List of staging dates by PAYE scheme size or reference
Complete and latest list will be available at,
http://www.thepensionsregulator.gov.uk/employers/staging-date-timeline.aspx
Qualified employees who meets the eligibility criteria,
Also, employees have the right to join the scheme even if they do not qualify automatically.
So the employers should enrol to the pension regulator or pension provider to meet their new workplace pension duties.
If you (employer) are using PeopleSoft as the UK HR/Payroll solution, then you need to ensure that your system is capable of handling Automatic Enrolment.
For Oracle-PeopleSoft customers, Oracle is fully committed to the delivery of Auto Enrolment Packages for version 9.0 and 9.1. Oracle-PeopleSoft Release for ‘UK Pension Changes- Auto Enrolment’ is available under,
https://support.oracle.com/epmos/faces/DocContentDisplay?id=1468720.1
For customers on other PeopleSoft version, Oracle would be the best source of information about the auto enrolment package.
We (Kovaion Consulting) can certainly assist the PeopleSoft customers on the implementation and support of Auto Enrolment
Disclaimer: This document/post is for reference only. The points discussed are purely based on our understanding. Please check the links and regulatory websites for updated information.
Connect with us for PeopleSoft End-to-End Implementation, Enhancement, Updates, and Support.
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