The Government estimates that around seven million people in the UK are currently not saving anything for their retirement. With the state retirement system creaking under the weight of our retired generation they have introduced a system of auto enrolment into a workplace pension. This is designed to get more people saving for their future. This means that from October 2012 right through to 2017, every employer will, at some point, automatically enrol you into the designated pension account. There are some minor exceptions but the vast majority of the UK work force will be saving for retirement.
What's more, along with your contributions your employer has to pay into this scheme as well. No that cant be bad, can it? They will need to pay in a minimum 1% of your salary rising to 3% over the coming years. You will of course have the option to opt out, but once every three years your employer will opt you right back in again! Early figures are showing that a very large percentage of us are remaining opted in and are saving for their future. Contact us to discuss your auto enrolment needs.