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The Pensions Act 2008 contains a number of measures that are geared to encourage private pensions saving. All eligible workers who are not already in a qualifying workplace scheme will be automatically enrolled into either NEST, the National Employment Savings Trust (this is mainly aimed at low-to-medium earners who do not have access to a pension scheme from their employer) which was formally known as personal Accounts or their employer’s pension scheme. For workers paying into their employer’s pension scheme, contributions will also be supplemented by contributions from the employer and also tax relief.

From the 1st of October 2012 all eligible workers will be auto-enrolled into a qualifying pension scheme. Employers can use the scheme that they use, and each scheme must meet minimum standards in terms of the benefits that it provides and the amount of contributions that are paid into it. The qualifying scheme must also provide auto-enrolment for all new workers as they become eligible and all eligible existing workers.

The governments reform strategy will ensure that more people save for retirement and all employers in the UK will have to ensure that they comply under the Pensions Act.












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