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The government estimates that around seven million people are not saving enough to meet their retirement aspirations and the government is making changes to the pension system.
To encourage more people to save in a private pension the government has introduced workplace pension reforms from 2012.
From 2012 employers will be required to automatically enrol all eligible job holders into a qualifying workplace pension and to make minimum contributions into it. Don’t panic though, these changes are being phased in with larger employers needing to comply before small firms.
If you employ less than 50 employees you will have until 1 March, 2014 to comply.
See www.dwp.gov.uk for more details or please talk to us about putting the best scheme in place for your business.
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