08th September 2010
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Pension Act 2008
The Pensions Act received Royal Assent on 26 November, introducing compulsory employer contribution for the first time.
With Aon estimating the total value of defined contribution pension funds at £395 billion in October 2008 – down from £552 billion a year earlier – the new Act requires employers to offer a scheme and automatically enrol eligible employees from 2012. Any worker contributing a minimum of 4% of their salary will be matched by minimum contributions from the employer and tax relief.
