Proposed Changes for Employees and Employers from 2012?… but maybe later!
Thursday, December 31st, 2009This is a subject that has gone largely unnoticed by many employers so far, but as time ticks by, the issue of the proposed National Pension Savings Scheme (NPSS) (or Personal Accounts, as they are sometimes known) will become highly topical. It was proposed to start in October 2012, and this is still the case for larger employers. However, the Government has announced that the scheme would now be phased in, with smaller employers joining up over the following three years. The scheme will force both employers and employees to save for their retirement and people will automatically be enrolled, but with the right to opt out. Contributions will be set and required from both parties involved and could have an effect on future budget planning.
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