|
Pensions Act receives Royal Assent
27 November 2008 15:59
Millions of Britons on low and middle incomes are to be given access to workplace pensions following the passing of new legislation.
Yesterday (November 26th), the Pension Act 2008 received Royal Assent, meaning that up to nine million people will be given the opportunity to put more money away towards their retirement.
Coming into force in 2012, the new act will mean employees are either automatically enrolled into their company's workplace pension scheme or put forward for a new personal accounts plan.
Secretary of state for work and pensions, James Purnell, said that the passing of act could quite possibly change the outlook of pensions for millions of people in the country.
He added that it would no longer make a difference if you are in a low-paid job or have no regular working arrangement, because as long as you are in some form of employment, you will be given the chance to save for retirement.
According to the Department for Work and Pensions, there are presently around seven million people in the UK who are not saving enough for their retirement.
|
