Personal accounts and auto-enrolment - what does this mean for you? (Pensions)

Now

Start a discussion with the employers in your scheme to explore whether they are likely to want to use your scheme to discharge their duties in 2012. Financial directors and pension managers may want to explore the cost implications of widening access to the scheme.

By end 2010

As soon as the final regulations are in place have the scheme's rules reviewed to see what changes are needed to ensure the scheme can be used to discharge the employer duties and make any necessary rule amendments.

By end 2011

Put in place a plan to deal with the administrative burdens that will come with the onset of employer duties. This will involve ensuring that you have trained staff, have procedures in place to facilitate enrolment and have updated member information.