Tag Archives: pension benefits

ILN Today Post

1 October 2012 – a landmark date for pensions in Great Britain

Prior to 1 October 2012, “micro” employers (with less than five employees) were under no legal obligation to provide those employees with pension benefits, whilst employers with five or more employees were only required to provide employees with access to a stakeholder pension scheme. Employers were not, however, required to contribute into a pension scheme on behalf of employees.

The Pensions Act 2008 has changed all that. With effect from 1 October 2012, employers will be required to enrol eligible jobholders into a qualifying pension scheme unless they are already members of such a scheme. Employers can either use their own qualifying pension scheme or the government’s National Employment Savings Trust, known as NEST. More…

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