Pictured:  Vicky Summers

The Department for Work & Pensions finally made its long awaited announcement on revised staging dates for when companies will have to comply with employer funded workplace pension obligations under 'automatic enrolment'.  

The revisions provide businesses with fewer than 250 employees more time to comply with the auto enrolment regulations, with no change to the staging dates previously announced for medium and larger size employers. The revised staging dates have delayed implementation by between one and 15 months for employers depending on their size, therefore while some employers will find themselves with significantly more time than previously thought - others will not. 

Vicky Summers, Head of Employee Benefits at PKF's Financial Planning team, Birmingham, said:

"The new dates will be a welcome relief to many smaller employers and provide extra time for businesses to budget for increased pension obligations - although many were hoping for a full exemption given the tough trading conditions.

"Consultations on the finer details of automatic enrolment are not due back to the Pensions Regulator for a few months, so the revisions also provide much needed additional leeway for employers to consider the practical workings of automatic enrolment obligations. 

"Despite the revised timetable, the deadlines remain challenging and employers should not rest on their laurels. Bosses should use this extra time to understand and plan for the major additional administrative and financial burdens that will be placed on them by these regulations."

For more information about PKF, please visit their website here: www.pkf.co.uk