Major pension reform starts from 1 October 2012
The Pensions Advisory Service today issued a press release welcoming the start of employers' duties to automatically enrol workers into workplace pension schemes. All employers are required to enrol their workers into a workplace pension scheme if they are not already in one, starting with the largest employers first.
The timing of when employers will automatically enrol their workers depends on their size. The Pensions Regulator will notify employers of the exact date.
Workers will be automatically enrolled if they:
- are not already in their employer's pension scheme;
- are aged 22 or over;
- are under State Pension age;
- earn more than £8,105; and if they
- work, or usually work, in the UK.
Read more about automatic enrolment by clicking here.