The Pensions Act 2008 introduced new rules for workplace pensions in the UK. These changes affect every workplace and make sure that every worker will have a chance to save for their retirement.
Under the new rules, every employer will have to give their workers the opportunity to join a workplace pension scheme that meets certain standards.
Depending on how old they are and how much they earn, many workers will be automatically enrolled into the scheme. Other workers will be entitled to join the scheme if they want to.
Workers earning over a certain amount will also be entitled to a minimum contribution into their retirement pot. It’s usually made up of money taken from the workers’ pay, money paid in by their employer and money from the government, although employers can pay the entire minimum contribution themselves if they want to.
