Pensions : Automatic enrolment- What small business need to know

15 Jan

Pensions : Automatic enrolment- What small business need to know

You will no doubt be aware by now of the new auto enrolment pension arrangements, which came into effect and will eventually affect all UK employers.

The new scheme requires employers to auto-enrol all employees into a qualifying pension scheme, to which both employees and employers must make a contribution, making it a kind of compulsory employer-assisted savings scheme (although employees can choose to opt out).

This will of course present potential financial challenges for employees and employers, despite the scheme’s good intentions (making it easier for people to save for retirement).

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