Employers will need to automatically enrol workers aged at least 22 but under State Pension age who earn more than £7,475* (in January 2011 terms) in a year.
These people are known as eligible jobholders and their employers will have to make a minimum contribution into the pension scheme on their behalf. Workers who are automatically enrolled into a scheme can choose to opt out if they want to.
Other individuals will have the right to ask to be enrolled into their employer’s pension scheme if they want to. Depending on the worker’s earnings, their employer may also have to make a contribution.
These people are known as eligible jobholders and their employers will have to make a minimum contribution into the pension scheme on their behalf. Workers who are automatically enrolled into a scheme can choose to opt out if they want to.
Other individuals will have the right to ask to be enrolled into their employer’s pension scheme if they want to. Depending on the worker’s earnings, their employer may also have to make a contribution.
Note to self:
The design of nest is not pushy or financial. It has a personal approach, playing on the 'nest egg' concept. By using a common saying, it brings the issue into a common place, and not an academic or financial one, but encompasses all aspects of what we think of a nest egg can provide.
They even have a phrasebook to help customers understand what terms mean, and not in a dumb way, but in a common sense way. This makes it easier for society and younger savers to understand what they are doing!
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