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Company pension laws- Auto Enrolment/NEST

Auto enrolment and Nest are being phased in over the coming years to mean compulsary employer contributions, auto enrolment of employees, and that pension plans will need a default fund. Company pension reform means rules are changing about how employers must run their occupational pension scheme.

Essentially the Government is shifting the responsibility for pensions from public funds to the private sector. Company pension plans will need to meet many new criteria. Penalties and fines will be the result of non-compliance and monitoring will be more stringent than it has been in the past. Your company will need a pension!

 

Auto-Enrolment

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Company anxious about auto-enrolment

NOTE: This article is subject to changes – especially if NEST is pulled or ISAs included following nest’s review.  Once the dust has cleared on the budget cuts and how the DWP is affected, you may want to do a very practical check list of things to do to prepare for auto-enrolment. How employers will be affected [...]

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Defusing the nation’s savings time bomb: Part II

It is envisaged that a total of 8% of a workers salary will end up in a NEST account with the employee paying 4%, the employer 3% with the last 1% coming from government tax relief. A major concern remains over the ability of small firms to pay the extra costs as the economic crisis [...]

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Defusing the nation’s savings time bomb: Part I

Steve Webb, Coalition pensions minister, says workers who manage to put a provision on top of a state pension are achieving something special When Steve Webb was in opposition, he enjoyed a nice office overlooking the River Thames. Once the Liberal Democrat MP made it into power as the Minister of State for Pensions, he [...]

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Group Personal Pensions

Sometimes a small employer wants to offer pension provision for their staff, but their size does not warrant a large defined contribution scheme. In these cases a group personal pension (GPP) is often used. A group personal pension is usually set up by an employer. It is simply a collection of individual personal pension plans [...]

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National Employment Savings Trust

The Government is introducing number of key changes to the pension landscape from 2012. These include the introduction of a new trust-based pension scheme – the National Employment Savings Trust (NEST) and pension scheme auto-enrolment for employees. The NEST pension scheme is meant to be a new low cost pension scheme designed to meet the [...]

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Pensions auto-enrolment

Pension auto-enrolment: What it means for you As part of its attempts to deal with the looming pension crisis in the UK, and the failure of people to make provision for their retirement, the Governments has introduced legislation that requires all employers to auto-enrol their staff in a qualifying workplace pension scheme. The requirement is [...]

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What auto enrolment means for you as an employee

If you are between 22 and retirement age and earn more than £5,035 you must either be enrolled in the NEST or an eligible company scheme. However, you can opt out if you want.

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What auto-enrolment means for employers

If you already have a qualifying scheme, such as a defined contribution scheme, a stakeholder pension or even a Group Personal Pension you can enrol all of your eligible staff in your company scheme providing minimum contributions levels are met. A defined benefit scheme , such as a final salary scheme also qualifies for auto-enrolment [...]

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National Employment Savings Trust (NEST) /personal account

The National Employment Savings Trust (NEST) is a new low-cost pension scheme backed by the Government, which is meant to be introduced in 2012. The NEST used to be known as the Personal Account. NEST is part of the Government’s plans to improved occupational pensions. The other main component of the reforms is auto-enrolment, which [...]

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Group Personal Pension

A Group Personal Pension is a collection of personal pension plans which an employer sets up for hi or her staff. Each member has their own personal pension plan which they make contributions to. The employee may get a discount on the set up and annual management charges for their personal pension, as the pension [...]

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