December 12, 2006


New pension scheme to be unveiled (BBC, 12/12/06)

From 2012, workers not in occupational pension schemes will be enrolled in "personal accounts" unless they opt out, under the White Paper's plans.

Staff will pay in 4% of their salaries and employers 3%, with an extra 1% from the government in tax relief. [...]

The proposals would affect up to 10 million workers who are not in employer-funded schemes.

The system's key feature is that employers will be forced to contribute if their staff join up. [...]

Michelle Mitchell of the charity Age Concern said the new pension system would be particularly beneficial to women.

"Personal accounts are good news for anyone without access to a decent occupational pension, particularly the millions of women who are currently missing out," she said.

Posted by Orrin Judd at December 12, 2006 12:00 AM
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