Auto-enrolment in the technology sector
Historically, pensions have been a problem for traditional industries such as manufacturing. Young, dynamic industries such as the technology sector have perhaps felt rather smug that they are not embroiled in the complexities that surround pension provision, focusing instead on remuneration based on pay, bonuses and share incentives, and expecting employees, who tend to have relatively high mobility between jobs, to provide for their own retirement.
However, this is changing with the government’s “automatic enrolment” regime, which may be the biggest change ever to the law on workplace pension provision. All employers will be required to put their employees into a pension scheme, make contributions to it and (if they choose not to cover all the cost) deduct contributions into the scheme from employee’s pay. Employees can opt out after the event, but must be put back in and given the chance to opt out again every three years…
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