Revolutionary auto-enrolment pension scheme opens
finance: A landmark scheme to automatically place people into workplace pensions is under way.
Up to 10 million people are expected to eventually be enrolled in what is hailed as the biggest pensions revolution since David Lloyd George ushered in state pensions a century ago.
A handful of the largest employers, with 120,000 or more workers, must place eligible workers into schemes, with firms gradually being enrolled in a staging process over the next six years.
More than half a million people will be newly saving into a workplace pension by Christmas, the Government says.
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Savers will typically need to put aside just over £2 a week to get them started, according to Nest, a not-for-profit pension scheme set up under the new rules.
Automatic enrolment aims to tackle concerns about an old-age poverty crisis, as people live for longer but fail to put enough away for their later years.
Joanne Segars of the National Association Of Pension Funds, said: "The UK is drifting towards an iceberg when it comes to paying for its old age, and we need radical reform."