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From 2012, changes to pensions law will affect all employers with at least one worker in the UK. This document is a summary of these changes, including what employers must do and how they might set about getting ready.

We have published a series of guidance that explains the new employer duties in detail and how they should be implemented. The guidance is available for download from our website: www.tpr.gov.uk/pensions-reform

The changes in a nutshell

Employers will need to:
• Automatically enrol certain workers into a pension scheme
• Make contributions on their workers’ behalf
• Register with The Pensions Regulator (‘the regulator’)
• Provide workers with certain information about

When are the changes happening?
The new employer duties will be introduced in stages over 4 years, starting in 2012. Each employer will be allocated a date from when the duties will first apply to them, known as their ‘staging date.’
This date is based on the number of people in an employer’s PAYE scheme. Employers with the largest numbers of workers in their PAYE schemes will have the earliest staging date.
Employers can check their provisional staging date on our website: www.tpr.gov.uk/staging
To allow some flexibility, employers can choose to bring forward their staging date, provided the regulator is informed. However, employers cannot choose a later date than the one they are allocated.
Finding out when the staging date is likely to be is the first thing an employer should do, so they can plan what they need to do to be ready in good time.

What will employers need to do?
• Assess their workforce
• Identify who to automAtically enrol
• Choose a pension scheme - i.e. National Employment Savings Trust - NEST Pensions
• Register with the regulator
• Make contributions
• Process any opt-out notices
• Process opt-in or joining requests
• Avoid inducements and prohibited activity
• Keep accurate records
• Provide workers with information about changes

What should employers do now?

Employers should:
• Look up their provisional staging date at www.tpr.gov.uk/staging
• Plan for when they might need their pension scheme in place and take action if necessary – including planning when and how they will assess their workforce
• Budget for these changes
• Look out for further information and guidance from the regulator. This can be done by signing up to the regulator’s free news-by-email service www.tpr.gov.uk/news

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International trusts are governed by the International Trusts Law of Cyprus. International trusts are not taxed in Cyprus.

Tax aspects
Cyprus trusts enjoy important tax advantages, providing significant tax planning opportunities to interested parties. The following advantages are indicative of the possible options for tax minimization: All income, whether trading or otherwise, of an international trust (ie a trust whose property is located and income is derived from outside Cyprus) is not taxable in Cyprus Dividends, interest or other income received by a trust from a Cyprus international business company are also neither taxable nor subject to withholding tax provided that the beneficiaries are not tax resident in Cyprus. Even though a trust with shares in a Cypriot company may not be an international trust, the exemption relies on the fact that Cyprus tax is imposed only on Cyprus residents. As the beneficiaries are not residents of Cyprus, no tax is imposed on the distributions made to the trust Gains on the disposal of the assets of an international trust are not subject to capital gains tax in Cyprus An alien who creates an international trust in Cyprus and retires in Cyprus is still exempt from tax if all the property settled and the income earned is abroad, even if he I a beneficiary An international trust created for estate duty planning purposes would not be subject to estate duty in Cyprus.

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