Govt supports automatic enrolment for personal accounts

The Government has published its response to the consultation on the proposed personal accounts regi...

The Government has published its response to the consultation on the proposed personal accounts regime, which showed strong support for the plan to automatically enroll employees into the new scheme. According to the publication, personal accounts will be run as an occupational pensions scheme managed by a board of trustees, which will be advised by a members’ panel and an employers’ panel. In 2005 earnings terms, there will be an annual contribution limit above the default rate of £3,600. This will be upgraded according to earnings year on year. Minister for Pension Reform James Pu...