UK Pension Calculator

Pension transfers, news, tips, plans, finance, QROPS...

Sun 24 Sep 2017 15:01 GMT
UK Pension Calculator

UK Pensions the Easy Way

Helping You to find the best UK pension plan

One million choose to opt into work place pensions

One million choose to opt into work place pensions
Published:  22 Jul at 9 AM
In an effort to avoid a pensions crisis, companies are being compelled by the government to introduce employees into an automatic pension scheme. The law was introduced last October and the largest firms in the UK are currently introducing the system. Smaller companies will roll the scheme out over the next five years.

It was recently estimated that the number now saving into the new scheme has topped the 1 million mark. Those who take part will pay a portion of their salary into a pension pot each month. This amount is matched by the employer and the government will top up the funds through tax breaks.

Pensions Minister Steve Webb said automatic enrolment was the biggest shake up to the system in 100 years. He added that for many workers this was the first time they had saved into a pension.

Travis Perkins, the builders’ merchants, said it had already enrolled around 9,000 employees into the scheme. Geoff Cooper, the firm’s chief executive, said the aim was to have all 24,000 staff saving for their retirement. He added that Travis Perkins was proud to be one of the companies that had helped to reach the first million.

According to the Office for National Statistics, just 32 per cent of women and 35 per cent of men aged between 16 and 64 in 2011/12 were saving into a pension.