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Pensions Act 2008 will affect small firms
With the recent passing of The Pensions Act 2008 into law, experts are advising that it will transform the UK pensions landscape for businesses.
The landmark legislation introduces automatic enrolment into workplace pension schemes, alongside a new system for pension saving for low and moderate earners from 2012.
Small business owners are advised to familiarise themselves with the act so that they implement it correctly, such as measures to enable employers to self-certify their own existing good quality pension schemes.
"The ABI has supported the principles of the Pensions Act throughout its Parliamentary life. Automatic enrolment has the potential to bring millions of current and future employees into pensions, helping them build up savings for a comfortable retirement," said Maggie Craig, a director at the Association of British Insurers.
Mrs Craig also commented that companies do not have to wait until 2012 to begin the scheme: "Pension providers are willing and able to begin automatic enrolment as soon as possible, if employers want to offer that benefit to their employees."
Post Date: November 27th, 2008
The landmark legislation introduces automatic enrolment into workplace pension schemes, alongside a new system for pension saving for low and moderate earners from 2012.
Small business owners are advised to familiarise themselves with the act so that they implement it correctly, such as measures to enable employers to self-certify their own existing good quality pension schemes.
"The ABI has supported the principles of the Pensions Act throughout its Parliamentary life. Automatic enrolment has the potential to bring millions of current and future employees into pensions, helping them build up savings for a comfortable retirement," said Maggie Craig, a director at the Association of British Insurers.
Mrs Craig also commented that companies do not have to wait until 2012 to begin the scheme: "Pension providers are willing and able to begin automatic enrolment as soon as possible, if employers want to offer that benefit to their employees."
Post Date: November 27th, 2008
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