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Friday 21 September 2012

Auto enrolment timetable detailed

The timetable has been revealed for the upcoming automatic enrolment scheme, with hundreds of thousands of British workers set to be enrolled by the end of the year.

October 1st will signal the introduction of the automatic enrolment strategy, which will see employers and staff members paying contributions into pension savings unless they opt out.

Initially, only the largest firms will take part in the scheme, though this should result in around 600,000 people being enrolled by the time 2013 comes around.

Any worker aged over 22 years old, earning more than £8,105 a year and not already signed up to a workplace pension scheme will be automatically enrolled.

The system will then be gradually phrased in across the rest of the British workplaces, though people employed at the country's smallest firms may not recognise a change for several years.

Such a scheme is being implemented by the government in a bid to get more people saving for their retirement, instead of having to rely solely on their state pension.

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Posted by Richard Esquilant

Source: The Sales Director News

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