Company Pension Schemes

[HD Catering]

Hi, just checking to see if anyone knows much about the new company pension schemes. I have heard all companies will need to provide pensions by a set date.

Any ideas?

[Stu]

Hello Dave

I have just looked it up and the new changes will come into play at the beginning of 2012. Basically all eligible employees without private pensions must be enrolled into the existing company pension scheme or have a pesonal account started. A personal account is a new type of saving vehicle to use instead of things like stake holder pension schemes.

Employers will also have to contibute a minimum of 3% to employee's pensions and add a further 4% which is deducted from their salary. Around 1% is also to be added in the way of tax relief.

It has ben advised that companies start planning for this now in order to budget their finances for the future.

Regards