For those employer's without a suitable qualifying workplace pension, the Govt. has forced reform. You have new requirements to operate a suitable pension scheme or opt into National Employment Savings Trust [NEST] from 2012.
Workers between 22 and state retirement age, unless the employer offers a scheme, will be enrolled automatically to this contributory pension scheme, unless they opt out.
A qualifying employer operated scheme will require employers to contribute 3%, employees 4% and 1% govt. tax relief of specific band earnings.
Forward thinking employers are opting to design and use their own scheme to preserve control, branding and create value in the eyes of employees. Talk to us about your options.