What and Who From sometime between 2013 and 2017 (dependent on the size of business from largest to smallest), employers will have to automatically enrol all eligible employees in a qualifying pension scheme and make contributions to their plan.  Eligible employees fit the following criteria: Are not already in a qualifying pension scheme Are aged 22 and over Are under State pension age  Earn more than £10,000 per year and work in the UK When  Medium employers (50 – 249 workers) April 2014 to April 2015  Small employers (49 workers or less) June 2015 to April 2017 How Much The government has set a minimum amount that must be paid into a pension scheme for eligible and non eligible jobholders.This is 8% of qualifying earnings, phase in over several years: Now – 30/09/2017 – Employers 1% Employees 1% 1/10/2017 – 30/09/2018 – Employers 2% Employees 3% 1/10/2018 onwards – Employers 3% Employees 5% Safeguarding Employees Fixed penalty of £400 to an employer, for non…
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The Government certainly pulled an enormous unexpected Rabbit out of that hat yesterday with a series of unparalleled pension reforms.  There was also good news for savers with a more than anticipated boost to the annual ISA allowance. Pensions Highlights Immediate changes: Capped drawdown – increase the maximum you are able…
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