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FT News - Markets
Thu, 11 Mar 2010 14:46:02 +0000
UK stocks lost ground on Thursday as investors shrugged off pleasing earnings reports from the retail sector and instead sold off mining stocks
Wed, 10 Mar 2010 22:23:06 +0000
Shareholders in the specialist chemical company will enjoy a pay-out after a year in which it slashed debt and improved operating profits in spite of a fall in sales
Wed, 10 Mar 2010 19:45:24 +0000
A revival of takeover speculation helped the FTSE 100 hit an 18-month high, but Inmarsat was left behind
Thu, 11 Mar 2010 11:18:14 +0000
The energy group is set to make its first move into the deep waters off the South American country with a $7bn deal to buy oil and gas assets put up for sale by Devon Energy of the US
Thu, 11 Mar 2010 02:16:47 +0000
Shares in the Aim-quoted company rose 46% after Smith Electric Vehicles US Corp, its American joint venture, offered to buy its UK business for£37m in cash
Pension changes ahead
Under provisions contained in the Pensions Act 2008 employee pension enrolment and employer contributions are to be made compulsory.
These provisions, which are due to come into force in 2012, cover the automatic enrolment of qualifying workers into a qualifying workplace pension scheme and a duty on employers to make contributions to such a scheme. To ensure that employers are able to comply with these duties a universal personal account scheme is being created.
The main details of the scheme are:
- automatic enrolment of eligible employees aged between 22 and state pension age earning over £5,035 per annum (unless employee opts out)
- employer contributions of 3% on a band earnings, initially set as £5,035 -£33,540
- employee contributions of 4%, with an additional 1% funded by the government in the form of tax relief
- both employer and employee contribution levels will be phased in over three years
- an enforcement regime led by the Pensions Regulator, with powers to penalise employers who do not comply with the regime.
Consultations and regulations will be issued in the lead up to the introduction of the legislation. These should make it clearer what is expected of employers and pension schemes in anticipation of the new regime starting in April 2012.
The Personal Accounts Delivery Authority (PADA) has recently launched a “myth busting” campaign in advance of the rules taking effect in 2012.
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