Tuesday 30th April 2019 saw the official celebration on the success of pension auto enrolment.
It was a pleasure for the PAYadvice director Simon Parsons to have been invited by Guy Opperman MP, the Minister for Pension and Financial Inclusion to the Department for Work and Pension Celebration event at the Terrace of the Palace of Westminster.
Pension Auto Enrolment has been a cross party success initiative to see that eligible workers and employees are saving for their future retirement and wellbeing. April 2019 say the minimum contributions based on banded earnings increasing to a phase 3 minimum of 8% with employers contributing at least 3%. Pensions is a great tool for employee engagement and well being.
The celebration was addressed by the Secretary of State for the Department of Work and Pension, Amber Rudd.
And congratulations expressed on the success by Guy Opperman MP, the Minister of Pensions and Financial Inclusion
From the first meeting with the coalition Liberal Democrat Pension Minister Steven Webb back in 2011, the Pension AE changed from being an impossible complex policy to one that can be applied in payroll for all relevant individuals.
The formation of PAPDIS has been a great initiative to attempt to bring pension interface reporting up to date and simpler for employers to administer.
So from the early large employer first stagers back in October 2012, the UK has reached a periods where all employers are now required to operate a workplace pension.
Simon said that ‘It has been a pleasure to have been involved in Pension AE since its inception. as a member of the software developer group of the Pension Regulator and DWP, and great to have been part of the celebration event at the palace of Westminster’. Simon was a significant member of the team at SD Worx, PIP, BIB and the formation of PAPDIS.