Date posted: 27/05/2002
Issue: Changes required to payroll to handle the partnership pension account – the stakeholder pension option which will be available to new entrants from 1 October 2002.
Action: Employers’ payroll change managers are asked to:
- note the regulatory requirements for employers resulting from the introduction of the partnership pension account;
- note the implications for payroll of the introduction of the partnership pension account;
- commission their payroll provider to make the changes which will be required before 1 October 2002;
- note that the pension providers plan to run workshops for payroll providers starting in the week beginning 10 June to ensure that they understand the changes required. The pension providers and Civil Service Pensions will contact payroll change managers of selected employers to arrange these for the major payroll providers (listed in paragraph 27). Payroll change managers and by-analogy scheme employers whose payroll provider is not listed must contact Civil Service Pensions to book a place on a seminar (details in paragraph 28);
- advise Civil Service Pensions if payroll providers are unable to transmit data electronically (paragraph 23 refers)
Timing: Payroll changes must be delivered to enable the partnership pension account arrangements to operate from 1 October 2002
References
Derek Pain’s letter to Personnel Directors of 27 April 2001 (PDG(Main)(01)70, (Small)(01)64, (NDPB)(01)20)
Derek Pain’s letter to Personnel Directors of 2 April 2002 (PDG(Main)(02)63, (Small)(02)46, (NDPB)(02)12)
Employer Pensions Notice EPN 1
Attachments
