As the FT notes today:
Retirement planning is set to change irrevocably in 2012  as, later in the year, “auto enrolment” is expected to see millions of workers start saving in a company pension scheme for the first time.
From October 1, all workers aged between 22 and the state pension age, and employed by a company with 50,000 or more staff, will be automatically en-rolled into their employer's pension scheme — unless they ask to opt out. This new government policy will be rolled out to smaller employers from 2013.
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Given the way the world is going and especially how the various stock exchanges are structured and indexes compiled pumping up company pension schemes on this basis has just too many potential problems to cope. Bring back the old mutuals and friendly societies or at least something like them.
Bonuses all ’round in finance though………………..
Not in this country. The team appointed (by the previous government) chose to outsource the main admin contract to an Indian company
This was not Labour’s finest hour