As the population grows older most of us can look forward to around 20 years in retirement. This is good news, but millions of us are not saving enough to have the level of income we are likely to want. The State Pension is a foundation for retirement; today the full basic State Pension is £110.15 per week for a single person.
In line with Government requirement, to encourage more people to save for their retirement employers will enrol their eligible workers into a workplace pension if they’re not already in one. The effective date is dependent upon the size of employer.
Employees will be automatically enrolled if they are:
aged between 22 and state pension age
work in the UK
have income tax and National Insurance contributions deducted from their wages
likely to have gross earnings over £9,440 in a year
You can choose to opt out of the scheme if you want to, but if you stay in you will have your own pension which you get when you retire.
This exercise will be carried out every three years.