Corporate Financial Services
It is estimated that around seven million people are currently under saving or not saving at all for retirement.
The Pensions Act 2008 introduced a series of private pension reforms to both enable and encourage individuals to save more for retirement. These measures were aimed at tackling the increasing financial burden of state pension provision in the UK.
The 2008 Act was followed by the Workplace Pension Reform Regulations of 2010. These reforms centred on the use of auto-enrolment into workplace pension for individuals to accumulate pension savings.
In 2010 the Government established an independent review into workplace pension reform 'Making Automatic Enrolment Work' and in October of that year, the Department for Work and Pensions published the results recommended by the Pension Commission. They concluded that every employer, regardless of size will be required to automatically enrol all eligible jobholders into a pension scheme and make contributions towards it. This starts from October 2012 with the largest employers being the first to comply. To support this, commitment has been given to the implementation of the National Employment Savings Trust (NEST).
The Pensions Act 2011 received Royal Ascent on the 3rd November 2011 and with some minor amendments, finalises the detail of the original proposals.
The Government is also accelerating the rise in the official state pension age. This means that many of today's workers will start getting their pension later than expected.
Read our full briefing paper here Pension_Reforms_Briefing_Note_Feb_2012.pdf
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