New pension rules: issues for the banking industry
The most radical change to the law relating to workplace pensions in a generation is coming into force between October 2012 and April 2017. The effects of this are not yet fully upon us, but will have specific impacts on several industries, the banking sector being no exception. As these changes roll out, the sector should be alert to the issues that arise, both as employers and as lenders.
The pensions auto-enrolment legislation means that employers must automatically enrol employees and workers into a pension scheme, and must both deduct employee contributions into the scheme and make its own. Employees can opt out, but the process is complex and in any event employees must be re-enrolled (and allowed to opt out) at least every three years.
Most employees and workers must be auto-enrolled, but those aged below 22, aged above state pension age or earning less than a limit are not. All those excluded have a right to opt in, and some have a right to employee contributions…
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