MH Employment

Thursday 27 September 2012

Automatic Enrolment Pension Scheme: The Essentials

The long-awaited auto-enrolment pension scheme comes into effect from 1 October 2012. The scheme affects every UK employer and aims to ensure that all eligible “jobholders” (broadly, employees and other workers earning over a minimum amount) automatically become members of a qualifying pension scheme. Importantly, the scheme requires employers to pay a mandatory minimum contribution into the eligible jobholders’ pensions. This article gives a brief overview of what is a complicated scheme.