The "auto-enrolment" reform is coming into force today for the biggest firms. With this gradual reform, which will last for six years, up to 10 million workers in the private sector will be automatically enrolled into a workplace pension scheme. The reform aims to force British people to save for their pension to add to the meager basic retirement they are entitled to. (Ref. 120572)
Auto-enrolment. Some experts and politicians talked about ‘the biggest pensions revolution for more than a century’ since David Lloyd George ushered in state pensions a century ago. Anyone aged over 22 who earns more than £8,105 (€10,135) will be automatically enrolled and will contribute a minimum of 0.8 percent of earnings until 2018, a rate which will gradually increase to 4 percent. Employers will have to pay as well: 1 percent of earnings. This can either be invested into a professiona
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