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Watling and Hirst Limited, Chartered Certified Accountants and Registered Auditors - Chichester, West Sussex > News > Pensions 2012 - Latest

Pensions 2012 - Latest

Posted on Tuesday, 09 November 2010 03:55PM by
From 2012 large 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). Small employers will fall under the regime requirements from 2015.

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%
2016
2%
2.4%
0.6%
2017
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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