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Watling and Hirst Limited, Chartered Certified Accountants and Registered Auditors - Chichester, West Sussex > News > Pension Reform 2012 - A Reminder

Pension Reform 2012 - A Reminder

Posted on Tuesday, 16 February 2010 07:35PM by TR
From 2012 all employers will have to offer a pension scheme to their employees aged between 22 and the State Pension Age, earning over £5,035 (indexed by earnings inflation from 2007).

The Government has set minimum contribution targets into either “Personal Accounts” (with a Government appointed Trustee body) or other qualifying schemes.

The contribution levels are being phased in from 2012 as follows:

Year
Employer pays
Employee pays (net)
Tax relief
2012
1%
0.8%
0.2%
2013
2%
2.4%
0.6%
2014
3%
4.0%
1.0%

There is a maximum contribution limit £3,600.

For information on how this will affect you or your business please contact us.
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