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A minimum employer contribution is a mandatory pension contribution in the United Kingdom, which was made compulsory by the Pensions Act 2008, however it did not come into force until 2012. As a result, all staff are required to be automatically enrolled in a pension scheme when they join a firm. [ 1 ]
The State Pension is an existing welfare benefit that forms part of the United Kingdom Government's pension arrangements. Benefits vary depending on the age of the individual and their contribution record. Currently anyone can make a claim, provided they have a minimum number of qualifying years of contributions.
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have ...
Members of all three modern armed forces are members of the Armed Forces Pensions Scheme, which is a career average defined benefit pension scheme, and is described by the government as one of the most generous pensions available in the UK today. [34]
A requirement for pension schemes to have member nominated trustees; Greater disclosure of information to members; The introduction of clear documentation showing what should be paid into a scheme, and monitoring of those contributions; A minimum rate of increase to apply once in payment to pension earned after the date on which the Act came ...
Instead of providing a Guaranteed Minimum Pension these schemes had to pay the saving in National Insurance contributions into the pension arrangement. To encourage the take-up of this arrangement the government made an extra incentive payment into each pension scheme where somebody contracted out using this route.
The Pensions Act 2008 established new duties which stated that employers need to provide their UK workers with access to a workplace pension plan that meets certain minimum standards. Some workers will be automatically enrolled into the pension plan and others can ask to join. The former is called 'automatic enrolment [2] '. These reforms ...
The Minimum Funding Requirement (MFR) was a part of United Kingdom legislation in the Pensions Act 1995, and was introduced on 6 April 1997.The Pensions Act 2004 abolishes the MFR replaces it with new "statutory funding objective"; this came into force on 30 December 2005 for all pension schemes with a valuation date after September 22, 2005.