Editor's message: With the ageing population and concerns that many people will have insufficient funds for their retirement, the subject of pensions and pensions saving has gained prominence recently. While workplace pensions have long been the main-stay of the employee benefits package, employers that offer generous pension packages can use them to help attract and retain staff.
Even if your organisation did not, historically, offer a workplace pension, it is likely that your employees are now members of a scheme as a result of pensions auto-enrolment.
There is an ongoing shift from defined-benefit towards defined-contribution schemes. The size of the pension that an employee can expect to receive on retirement is much harder to predict with a defined-contribution scheme.
Clio Springer, senior employment law editor
Updated to reflect the state pension entitlement in force from 10 April 2017.
Updated to reflect increases in the earnings limits for the 2017/18 tax year.
Updated to include the changes to the lower and upper levels of the qualifying earnings band for pensions auto-enrolment, in force from 6 April 2017.
The run-up to April is typically a busy time of year for HR professionals, with new employment legislation due to come into force. 2017 is no exception, with the most significant development being the introduction of the gender pay gap reporting duty for larger employers. However, there are a number of other key changes affecting all employers, regardless of their size.
Sir Philip Green has agreed with the Pensions Regulator to offer a cash settlement of £363 million to plug the gap in the BHS pension scheme.
HR and legal information and guidance relating to pensions.