Pensions

A new statute, the Pensions (Extension of Automatic Enrolment) Act 2023, lays the ground for extending employers' pensions automatic enrolment duties. The changes will mean that contributions must be paid on all basic pay as the lower threshold (£6,240pa) will be removed. In addition, the minimum age for automatic enrolment, currently 22, will be lowered to 18. These changes are not yet in force and will be implemented by regulations in due course. However, businesses should be considering how to manage the potential cost of this extension. 

The Government has recently published its guidance on dates for schemes to connect to the pensions dashboards central infrastructure, and the Pensions Regulator is urging schemes to continue their preparations. Read our updated article "10 actions for getting to grips with pensions dashboards" and watch these useful video discussions.