Working pension reform meant that auto-enrolment was introduced in October 2012 to ensure workers have access to an Occupational pension.
As a population, we are living longer but not saving enough. The Government hopes auto-enrolment will encourage more people to set money aside for their later years to alleviate the pressure on the state.
Every employer must automatically enrol workers into a workplace pension scheme who:
- are not already in one
- are aged between 22 and State Pension age
- earn more than £9,440 a year
- work in the UK
The date workers are enrolled depends on the size of the company they work for and is being rolled out over the next six years.
For more information on the Working Pension Reform, please visit the Pension Regulator Website: http://www.thepensionsregulator.gov.uk/employers/detailed-guidance.aspx