Confused by Pensions?
Many of us are not saving for retirement. In fact the Government estimates some 7 million of us are under-saving. Because we're living longer, and likely to spend more time in retirement, the Government is introducing changes to workplace pensions.
Known as 'pensions reform' the changes are all about encouraging your employer to do more to help you plan for your retirement. Starting from October 2012, employers will have to enrol all eligible employees into a workplace pension.
Who this affects
These changes affect every employee in the UK who:
- earns more than the personal income tax allowance (£7,475 in 2011/12)
- is aged between 22 and the State Pension age.
This includes all permanent, temporary and agency workers.
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