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Author: Great Britain. National Audit Office
Publisher:
ISBN: 9781786040121
Category : Pensions
Languages : en
Pages : 51
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Book Description
Author: Great Britain: Department for Work and Pensions
Publisher: The Stationery Office
ISBN: 9780101795425
Category : Business & Economics
Languages : en
Pages : 214
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Book Description
Current policy is that new duties will be staged in between 2012 and 2016, requiring all employers to designate a pension scheme into which all of their employees, aged between 22 and state pension age, should be automatically enrolled, so long as they are earning above an annual earnings threshold (the Pensions Act 2008 sets this at £5,035, equivalent to £5,732 in today's terms). Upon automatic enrolment, a minimum of eight per cent of earnings within a band would be contributed to the pension, with at least three per cent coming from the employer. This policy is designed to maximise private pension saving by individuals without imposing compulsion. The right to opt out will remain. This review looks at the scope of automatic enrolment and whether a new national pension scheme (National Employment Savings Trust or NEST) needs to be put in place for it to work. One of the most significant recommendations that it makes is that people should only be automatically enrolled once they reach the income tax threshold (which will increase to £7.475 in 2011) but that contributions should be on earnings in excess of the National Insurance earnings threshold (£5,715 in today's prices). There should be no changes to age thresholds and automatic enrolment duties should apply to all employers, regardless of size, as now. Employers should be given three months before auto-enrolment to ease the burden on companies. If staff choose to enrol before the three month period then companies will have to make contributions
Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee
Publisher: The Stationery Office
ISBN: 9780215042972
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
The Government established NEST as a low-cost pension scheme to help deliver the auto-enrolment programme and to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provision. However, the Committee believes that certain restrictions placed on NEST will create complexity for employers and will disadvantage some employees. The Committee's report recommends that, if state aid rules allow, the Government should remove the following restrictions: the cap on the annual contributions an individual can make to a NEST scheme; and the ban on individuals transferring existing pension pots into NEST. The Committee further urges the Government to proceed with its plans for State Pension reform, introducing a flat-rate State Pension and reducing the level of means-testing without delay. The report also highlights the difficulties and complexity employers and employees currently face in comparing the fees and charges applied by pension providers and recommends that, from 2013 onwards, if some auto-enrolment schemes still have hidden charges, or charges that represent poor value for money, the Government should use its powers to intervene. Auto-enrolment will impose new costs and may be particularly challenging for small employers however the Committee considers that the Government has taken appropriate steps to minimise the impact on businesses through its gradual and flexible approach ("staging and phasing") to implementation. Exempting small employers would create significant complexity, as well as excluding many employees from the benefits of workplace pension saving
Author: Great Britain. National Audit Office
Publisher:
ISBN: 9781786040121
Category : Pensions
Languages : en
Pages : 51
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Book Description
Author: Great Britain. Department for Work and Pensions
Publisher:
ISBN: 9781843885924
Category :
Languages : en
Pages : 14
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Book Description
Author: Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 021509090X
Category : Business & Economics
Languages : en
Pages : 21
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Book Description
Since the introduction of automatic enrolment in October 2012, almost all larger employers have enrolled their workers in a workplace pension, thereby increasing the number of people saving for retirement. Employer compliance has been high and the proportion of people choosing to opt out from automatic enrolment has been lower than expected. The Department for Work & Pensions, the Pensions Regulator and the National Employment Savings Trust and other pension providers are now facing the more difficult task of supporting 1.8 million small employers through automatic enrolment. They will need to monitor the experiences of small businesses-including 900,000 employers with only 1 or 2 employees-and minimise administrative burdens, while also ensuring that increased enrolment translates into adequate incomes in retirement. We will be returning to this subject, which is of vital importance to both employees themselves and to future governments as they plan for pensions, and we have asked the Department to update us on progress over the next 12 months
Author: Melissa Echalier
Publisher:
ISBN: 9781906284282
Category : Older people
Languages : en
Pages : 80
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Book Description
Author: Great Britain. Parliament. House of Commons. Work and Pensions Committee
Publisher: The Stationery Office
ISBN: 0215083970
Category : Law
Languages : en
Pages : 4
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Book Description
Automatic enrolment (AE) requires employers to enrol their employees in a workplace pension scheme, provided employees meet the qualifying criteria and do not choose to opt out of the scheme. The policy was developed during the years following the 2005-06 Pensions Commission, as part of a package of pension measures, with the aim of increasing both the number of people saving for retirement, and the amounts being saved. Implementation of AE began in October 2012 with the largest companies, and the process will continue through all medium, small and micro businesses until 2018. There are some lessons to be learned from the process but it is widely regarded as having been very effective to date. One indicator of success is that current opt-out rates, at around 12%, are much lower than anticipated. However, only 3% of employers have so far been through the process. The next step - hundreds of thousands of smaller employers enrolling their employees over the next three years - will be a challenge of a very different scale and nature. The context in which AE is being implemented has also dramatically changed in the last year. In Budget 2014, the Government announced new pension flexibilities which allow people much greater freedom in how they take and use their pension savings.
Author: Great Britain. Department for Work and Pensions
Publisher:
ISBN: 9781781531587
Category :
Languages : en
Pages :
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Book Description
Author: Adrian Lee
Publisher: Harriman House Limited
ISBN: 085719612X
Category : Business & Economics
Languages : en
Pages : 73
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Book Description
Author: Great Britain: Department for Work and Pensions
Publisher: The Stationery Office
ISBN: 9780101847827
Category : Social Science
Languages : en
Pages : 64
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Book Description
The UK's pensions system is need of reform for two primary reasons. Firstly, the UK has an aging population and secondly, working age people are not saving enough to meet their expectations of income on retirement. The Government has already begun to set in train a series of reforms. In particular it has brought forward plans to increase State Pension age; set out proposals to create a single-tier State Pension to provide a firm foundation for saving for retirement; and introduced automatic enrolment into workplace pensions. We do, though, also need to ensure that those people saving privately for their retirement are doing so in high quality schemes. This strategy sets out the key issues which need to be tackled. The reinvigoration objectives include: increase the amount people are saving in pensions; increase the amount people receive for their savings; enable industry innovation to develop products which will give more certainly about pensions; increase transparency; and ensure the sustainability and stability of the UK pension system.
