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Thu, 18 Mar 2010 20:32:36 +0000
Shares in BG surge on a revival of speculation that the oil and gas group could be a takeover target
Thu, 18 Mar 2010 22:30:46 +0000
The High Court's ruling that BGC and two of its top executives conspired to induce breach of contract is set to have repercussions across the interdealer broking industry
Thu, 18 Mar 2010 22:13:21 +0000
Sir Stuart Rose is to leave Marks and Spencer four months earlier than planned, in March next year
Thu, 18 Mar 2010 21:25:46 +0000
M&S's announcement that Sir Stuart would be taking a pay cut of 25 per cent to£875,000 when he moves to a non-executive position did little to mollify shareholders
Thu, 18 Mar 2010 21:15:47 +0000
The new chief executive of ITV is set to receive a rare starting package when he joins next month, but he will be paid less than his predecessor, Michael Grade
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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