On October 27, the UK Government announced that it will implement pension reforms as suggested in the recently published report of an independent review team commissioned by the previous Labour government. Specifically, the team reviewed the practicalities of automatic enrollment in workplace pension schemes.
A new Pensions Act will introduce three key reforms to workplace pensions: 1. new legal duties requiring employers to automatically enroll eligible employees into a qualifying pension scheme; 2. a compliance regime enforced by The Pensions Regulator; and 3. the establishment of a new low-cost pension scheme, the National Employee Savings Trust (NEST). NEST will be available to all employers.
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