The Government has launched a multi-million pound media campaign to encourage individuals to save more for their retirement.
The campaign comes ahead of the introduction of a new system of automatic enrolment into workplace pensions, which will begin to take effect from October 2012.
From this date, larger employers will have to enrol all eligible workers into a qualifying pension scheme, whether this is an existing company scheme (if it meets the necessary criteria) or the National Employment Savings Trust (NEST), a new pension scheme being introduced by the Government.
Small businesses have been granted additional time to comply with the requirements of the new system, with the starting deadline for employers with fewer than 50 workers now deferred until the start of the next Parliament.
Launching the campaign, the Minister for Pensions commented, ‘As we head into the final stretch before millions of people begin to be enrolled into a workplace pension, it is vital that we make sure that individuals and employers know what to expect’.
‘Automatic enrolment will transform this country, putting an end to the decline in pension saving, and setting millions on course for a more prosperous retirement.’
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