As from 2012, all British employees will have to subscribe to one single retirement pension. It will be financed by employees, employers and the State. Currently, ten million people do not pay any contribution to a complementary pension fund, and are thus entitled only to a low State pension in their old days. (ref. 061255)
The last part of the reform of retirements pensions provides for the automatic enrolment of employees in a national complementary pension plan, starting in 2012. This measure, which is a tiny cultural revolution in Britain, will affect the 10 million people who do not currently enrol in a company pension fund and rely only on the slim State pension when they retire. Employees who already save money for their retirement via their company will be able to continue, provided that the latter offers
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