According to new legislation confirmed in the Queen’s speech, every employer throughout the whole of the UK will be forced to provide a proper pension scheme. The new pensions bill takes the onus off the employee, and make every employer contribute to workplace pensions schemes . Employers will have to contribute to the schemes, which will start automatically when they start a job.
Those who choose to stay in the scheme will pay 4 per cent of their salary into a pension scheme each year. The 4 per cent will be matched with 3 per cent from the employer and 1 per cent from the government.
The pension scheme will be called a personal account, and run by a central and independent personal accounts delivery authority. The plan is to launch the scheme by 2012. The government are planning that the scheme will encourage savings and restore the association between pensions and earnings.
Work pensions will get makeover
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Work pensions will get makeover
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