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International Restructuring Newswire
Welcome to the Q2 2025 edition of the Norton Rose Fulbright International Restructuring Newswire.
Pensions (Extension of Automatic Enrolment) (No 2) Bill receives Royal Assent
United Kingdom | Publication | September 2023
The Pensions (Extension of Automatic Enrolment) (No 2) Bill 2022-23 received Royal Assent on September 18, 2023.
The Act contains provisions that will implement two key recommendations made by the DWP's 2017 independent review of auto-enrolment. These are the introduction of regulation-making powers to:
- Reduce the lower age threshold for auto-enrolment from 22 to 18.
- Reduce or repeal the amount of the lower limit of the qualifying earnings band (currently £6,240pa) so that contributions are calculated from the first pound earned up to the upper limit (currently £50,270pa).
The enactment of the legislation will be a welcome step in the extension of auto-enrolment provision once these provisions come into force. However, there remain hopes the Government will in due course consider higher minimum contribution rates and effective measures to improve pensions saving amongst the self-employed.
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Upcoming deadlines for complying with federal pay equity legislation
Another compliance deadline is approaching under the federal Pay Equity Act – federally regulated employers are required to file an annual statement with the Office of the Pay Equity Commissioner on or before June 30, 2025, if they posted a pay equity plan in the previous year.
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