BN47 - Pensions Act 2008 - Auto-enrolment and the Personal Accounts Scheme

Briefing Note

The Pensions Act 2008 reforms workplace pension provision by introducing the requirement for UK employers to autoenrol employees into, and make contributions to, a qualifying pension scheme.

A qualifying pension scheme may be an existing defined benefit or defined contribution scheme meeting certain minimum standards. Alternatively, the Personal Accounts Scheme is being set up to offer a low cost, independent scheme that any employer can use.

Although much of the detail has yet to be finalised, this BBS briefing note outlines the requirements that are expected to come into force in 2012.

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