Pension auto-enrolment starts for the UK’s largest firms
Auto-enrolment (automatic enrolment) into a workplace pensions starts today (1 October 2012) for companies with 120,000 or more staff.
Firms with fewer workers will be required to join over the next five years. Staff and employers will both pay into the workplace pensions.
The aim is to ensure that low and middle earners are provided with an addition to the state pension. As the basic state person for a single person (in tax year 2012-13) is £107.45 per week – there is a clear need for additional pension saving.
Contact us today for more information and independent advice. Farrell Financial Planning offer independent advice to both employers and employees.