There are rumours that the new UK pensions scheme, which is due to roll out in 2012, could be delayed. The new scheme, which will probably be called Personal Accounts, will be mandatory for everyone in employment.
These work based pensions will allow you to opt out if you choose to but you will automatically be re-enrolled after 3 years or if you change jobs.
Contributions to the scheme will be paid by the employee and the employer and the % being paid in will be phased in over a three year period until it reaches the point where 4% is being contributed by the employer, 3% by the employer and the final 1% will be in the form of tax relief.
I suppose it doesn’t really matter if their is a delay, it is better to iron out all the problems now before it goes live. At least it gives it a better chance of working well when it does eventually start.
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