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Automatic enrolment was introduced in the United Kingdom in 2012. The scheme initially covered all UK citizens in work aged between 22 and the state pension age who earned more than £8,105 a year (this amount rose to £10,000 in 2015), as well as all those not already enrolled in a workplace pension scheme.
The National Employment Savings Trust (NEST) is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008.
The cornerstone of the Pensions Act 2008 is the introduction of automatic enrolment. This provision requires employers to automatically enrol eligible workers into a qualifying pension scheme. [2] [3] The key aspects of automatic enrolment include:
“The review has concluded that all AE (automatic enrolment) thresholds for 2023-24 will be maintained at their 2022-23 levels. “This is consistent with our ambitions to build a stronger, more ...
These measures implemented recommendations from the Making Automatic Enrolment Work review and revised some of the automatic enrolment provisions in the Pensions Act 2008. The Act amended existing legislation that provided for revaluation or indexation of occupational pensions and payments by the Pension Protection Fund.
In Autumn 2012, auto-enrolment was introduced for large businesses in the UK, being rolled out to smaller businesses over the next four years. Auto-enrolment automatically enrols employees into a contributory pension scheme, unless they opt out.
House Republicans passed a key military policy bill with new restrictions on abortion and diversity, equity and inclusion policies.
Master trust pension schemes have existed for many years, but came to prominence after the introduction of automatic enrolment. In April 2014 [ 6 ] it was estimated that master trusts had accounted for around two thirds of individuals automatically enrolled in the UK.