Employers will be required to contribute to a pension scheme on behalf of their workers, as part of legislation introduced to parliament in today's Queen's speech.
The new Pensions Bill includes powers to introduce mandatory employer contributions into a qualifying pension scheme, and to require the automatic enrolment of eligible employers.
It also enables the Personal Accounts Delivery Authority to move from acting in an advisory to an executive capacity, and for a personal accounts scheme to be set up.
The government said automatically enrolling eligible workers into a pension would tackle current behavioral barriers to pension saving. However, individuals would have the tight to opt out.
It added the introduction of a minimum employer contribution would improve incentives to save and increase pension participation.
The personal accounts scheme will aim to give those without access to a good quality pension scheme, in particular low to moderate earners, the opportunity to save. The governnment estimates seven million people are currently not saving enough for retirement.
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