HR can be a broad subject unless you are a specialist and I have found pensions to be an especially tricky area and if I am honest a bit of an achilles heel.
I was sent this article which I thought was interesting as it does have the potential for significant implications if HR 'miss a trick' so to speak.
At worst it may be worth flagging with your Finance person so you can mitigate the risk of this
http://realbusiness.co.uk/article/31790-employee-benefits-could-push-thousands-over-the-annual-pension-allowance
The article goes on to say
“HR teams need to be particularly alert to the position of senior staff members who may have amassed savings approaching the upcoming £1m threshold, as well as staff members who are promoted and receive a pay rise as they may get a hike in benefits.”
It's a complicated area but one which as HR professionals we should be alert to so the appropriate steps can be taken.
Are there any reward specialists out there who have any tips on how to deal with this? It would be great if you could share any tips.
Replies
Just thought I would add this article on the back of my earlier post. A recent study indicates the Pensions Regulator is flexing its muscles in terms of those firms which do not comply with their Automatic Enrolment duties.
http://www.cipd.co.uk/pm/peoplemanagement/b/weblog/archive/2015/10/...
PS there is an incorrect fact in the article see if you can spot it!