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Sunday 20 May 2012
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Pension Reform
One of the main aims of the pension reforms is to ensure that more people save more money for their retirement. The Pensions Commission (2003-2005) provided the foundations for the reform and key amongst their findings were:
12 million of us are not saving enough for our retirement
The State Pension will not meet necessary requirements
Ignoring the situation and letting the retirement burden fall on the tax payer was not an option
The Coalition Government have concluded that introducing legislation will go some way to addressing the shortfall in retirement savings.
Your Responsibilities
As an employer you will have to place all eligible employees into a Qualifying Workplace Pension Scheme (QWPS). These changes start in October and are being phased in, dependent upon the employer’s PAYE reference. Contributions into the QWPS account will have to be a minimum of 8% of banded earnings, currently £5,564-£42,475 in the 2012/2013 fiscal year. The minimum that the employer will have to pay is 3% of the contribution and the employee will have to pay the balance.