UK - The Pensions Bill has been introduced today, outlining the government's plans for automatic enrolment from 2012.
Secretary of state for work and pensions, Peter Hain, said: "Automatic enrolment and the introduction of a compulsory employer contribution would be a huge social change - resulting in millions more savers, and billions of pounds more being saved towards retirement.
"It's good news that people are living longer, healthier lives - but unless people plan and save they could find themselves with less income in retirement than they'd want. Around seven million still aren't saving enough. These reforms will help people to meet their aspirations for later life.
"Between six and nine million people will be newly saving in a workplace pension or saving more as a result of these reforms. This will transform the savings culture in the UK - boosting overall annual pension contributions by up to around £10bn by 2015."
The Pensions Bill 2007 proposes:
* Automatic enrolment into a qualifying workplace scheme from 2012.
* The introduction of the new personal accounts scheme designed for those employers who do not currently run a pension scheme;
* Executive powers for the Personal Accounts Delivery Authority, allowing the authority to design this scheme at arm's length from Government;
* A role for the Pensions Regulator as the compliance body for these reforms, ensuring employers meet their new obligations;
* Further simplification to the Additional State Pension by consolidating the rights people have built up under Graduated Retirement Benefit, SERPs and State Second Pensions into a single cash sum;
* Measures to ease the burden of regulation on employers, including a reduction in the cap on revaluation of deferred pensions from 5% to 2.5% - for future accruals only.
The master trust is investing directly in commodities for the first time and setting up its first segregated mandate. Stephanie Baxter looks at this step change
Unprecedented levels of provider consolidation means trustees must regularly monitor and assess security of members' assets, the Security of DC Assets Working Party has warned warns.
John Govett has been appointed chief executive of the single financial guidance body (SFGB), the Department for Work and Pensions (DWP) announced today.
The Competition and Markets Authority (CMA) will publish its provisional decision as to whether there are adverse effects on competition in the investment consultants market on the morning of 18 July.