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Navigating Auto-Enrolment Obligations for Employers: Insights from Brendan Mulkern

Brendan Mulkern, a Pensions Policy Manager, discusses the new auto-enrolment obligations for employers, emphasizing the importance of inclusive workforce consideration. He outlines the implications for the largest employers and the need for careful planning in implementing these policies. Mulkern addresses unique scenarios such as re-employed pensioners and necessary stakeholder consultations. The review of exclusivity, funding implications, and potential options for employers, including enhanced opting-out procedures, underscores the evolving landscape of pension arrangements post-2012.

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Navigating Auto-Enrolment Obligations for Employers: Insights from Brendan Mulkern

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Presentation Transcript

  1. Brendan Mulkern Pensions Policy Manager

  2. Auto-enrolment • New obligation to auto-enrol and re-enrol • Largest employers from 2012 onwards • Employers must consider entire workforce • Requires careful planning

  3. Auto-enrolment: an example USS’s possible policy response on the issue of re-employed USS pensioners Institutions permitted to maintain alternative pension arrangements for this group Rules changed to allow individuals to re-join USS or

  4. Auto-enrolment • Discussions with stakeholders • Assist employers to meet new obligations • Potentially other arrangements may apply, but only for specific categories of member

  5. Exclusivity • Separate to issue of auto-enrolment • Employers cannot “establish, maintain or contribute to” any other pension arrangement without consent • Consultation – staff promoted from support roles

  6. Exclusivity review Scope and terms of reference Advise of proposed arrangements Review expected to start early 2012 Input from stakeholders Funding implications

  7. Pension taxation Potential options: • Enhanced opting-out • Defer and restart with salary cap • Temporary Cessation of Accrual (TCA) Lifetime allowance: Principally affects high earners with long service Annual allowance: Potentially more members affected

  8. Scheme mergers Substantial changes in revised policy: Discount rate Standard rate of gilts +1% Deficits upon merger Repayments up to 20 years Final Salary possible for transferring staff, for limited period Form of accrual

  9. Brendan Mulkern Pensions Policy Manager

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