Posts Tagged ‘Qualifying Workplace Pension Scheme’

Pension Undersaving

Wednesday, 01 February 2012 12:29 Written by derekevans 0 Comments

Pension saving is at its lowest level for 10 years according to recently published Department of Work and Pensions (DWP) analysis by the Family Resources Survey (FRS), a key source for pension information. The analysis came from interviews with around 25,000 private households across the UK in 2009 and 2010.

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Preparing for Pension Auto-Enrolment – 4 steps to help employers manage the new pension rules

Monday, 10 October 2011 08:34 Written by traceyevans 0 Comments

At present, around 38% of UK private sector employers provide a workplace pension scheme, but all will be required to auto-enrol their employees into a ‘qualifying workplace pension scheme’ under the Government’s pension reforms between late 2012 and early 2016. By October 2017, minimum contributions must be 8% of employee earnings, with a minimum of 3% from the employer plus 4% from the employee and 1% by way of tax relief (albeit employees have an opt-out which also removes the employer’s need to contribute).

Four steps to help employers manage the new pension rules:

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Pension reform, automatic enrolment, the employer duties and NEST

Wednesday, 08 December 2010 15:24 Written by traceyevans 0 Comments

From October 2012, employers will be required by law to:

  • Automatically enrol all their eligible employees not already in a good quality pension scheme into a Qualifying Workplace Pension Scheme (QWPS) within one month of becoming eligible,
  • Pay contributions for every employee who does not opt-out of the QWPS.

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