Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2013
10

Auto-enrolment regulations revised after first year

Open-access content Friday 11th October 2013 — updated 5.13pm, Wednesday 29th April 2020

Pension minister Steve Webb has today announced a series of technical changes to the government’s auto-enrolment programme that are intended to make it easier for smaller companies to add their workers into a pension scheme.

2

The regulation changes were revealed after the programme, which automatically includes people in workplace pensions, hit its one year anniversary earlier this month. The changes follow claims from employers that part of the legislative framework could operate better, and will be implemented next month.  Employers are being included in auto-enrolment based on their size, with large firms already being signed up.

'Employers and our partners in the pensions and payroll industry have made a major contribution in delivering these landmark reforms since October last year,' Webb said.

'Now, one year in, we want to build on this success as medium-sized employers prepare to automatically enrol their staff into a workplace pension.'

The DWP said these changes would give employers greater clarity and consistency about the tests applied to defined benefit schemes, in relation to the appropriate age, service limits and revaluations.

Companies have also been given more time to join the scheme at each stage, increasing from one month to six months. The deadline for employers to provide information to individuals on their opt-in and joining rights has also been extended to 6 weeks.

The rules governing opt-out notice have been made clearer to enable schemes to customise their own notices.

Webb said that the government wanted to build on the success of the programme so far. Figures from the department found that less than 10% of people were opting out.

'These changes are aimed at streamlining the system and making it easier for employers to meet their duties,' he said.

The full details of the changes can be found here.

This article appeared in our October 2013 issue of The Actuary .
Click here to view this issue

You may also be interested in...

Auto-enrolment numbers pass 1.6 million mark

More than 1.6 million workers are now saving for retirement through an auto-enrolment pension scheme, the Department for Work and Pensions announced today
Thursday 10th October 2013
Open-access content
2

'Take long-term approach to investment' Prince Charles tells pension funds

The Prince of Wales has criticised the focus on short-term thinking in the pensions industry and called for the adoption of more sustainable and long-term approach
Thursday 17th October 2013
Open-access content

'Brave up' to higher auto-enrolment contributions, says Segars

The 8% contribution benchmark for auto-enrolment pensions is not enough to deliver a decent retirement income and there is a need to ‘brave up’ up to pushing it higher, the National Association of Pension Funds chief executive has argued
Friday 18th October 2013
Open-access content
2

High Court ruling clears way for TPR action on pension liberation fraud

A High Court judge has today ruled that the legal status of nine so-called liberation vehicles are ‘occupational pension schemes’ paving the way for The Pensions Regulator to take action.
Monday 21st October 2013
Open-access content

IFoA seeks clarity on independent Scotland's pension plans

Actuaries have urged the Scottish Government to set out more details of its plans for spending on the state pension if the country votes for independence next year.
Thursday 24th October 2013
Open-access content

DWP consults on 0.75% DC pension charge cap

The Department for Work and Pensions is considering capping the annual charges imposed on members of workplace defined contribution schemes at 0.75%.
Wednesday 30th October 2013
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from Position

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
2

Expert advice

This edition of the magazine focuses on data science and its applications, which will be a recurring theme for the IFoA.
Friday 28th February 2020
Open-access content
2

Tesla sparks fears of insurance market overhaul

That is according to a new report from Moody's, which highlights how Tesla has already started offering premiums that are up to 30% cheaper than those of mainstream insurers.
Friday 14th February 2020
Open-access content

Latest from October 2013

Pensions Regulator urges vigilance on ABC structures

The Pensions Regulator has urged trustees to examine asset-backed contribution (ABC) structures carefully and explore ‘less risky alternatives’ to support defined benefit pension schemes.
Tuesday 19th November 2013
Open-access content

NAPF issues revised corporate governance guidelines

The National Association of Pension Funds has set out new remuneration principles and more robust expectations for corporate accountability in its latest corporate governance policy and voting guidelines published today
Tuesday 19th November 2013
Open-access content

Mixed movements in October annuity market

The past month saw mixed movements in the annuities market as two of the top five providers offering standard, inflation-linked, and smokers’ annuity cover cut their rates, the Annuity Bureau said.
Thursday 14th November 2013
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 10

Pensions Regulator urges vigilance on ABC structures

The Pensions Regulator has urged trustees to examine asset-backed contribution (ABC) structures carefully and explore ‘less risky alternatives’ to support defined benefit pension schemes.
Tuesday 19th November 2013
Open-access content

NAPF issues revised corporate governance guidelines

The National Association of Pension Funds has set out new remuneration principles and more robust expectations for corporate accountability in its latest corporate governance policy and voting guidelines published today
Tuesday 19th November 2013
Open-access content

Mixed movements in October annuity market

The past month saw mixed movements in the annuities market as two of the top five providers offering standard, inflation-linked, and smokers’ annuity cover cut their rates, the Annuity Bureau said.
Thursday 14th November 2013
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Pricing Associate

Scotland / England, London
Up to £60000 per annum
Reference
149081

Outside IR35 - Reserving Contract - 6-8 months

London (Central)
Daily rate contract - outside IR35
Reference
149079

Actuarial Analyst - Longevity Reinsurance

England, London
Up to £55000 per annum
Reference
149080
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ