Award Winning Pension Advice - National Pension Savings Scheme NPSS
National Pension Savings Scheme laws are currently passing through the House of Commons as a Pension Bill to become law.
Under the current proposals, employers could be forced to pay a minimum annual contribution of £840 per employee into a National Pensions Savings Scheme account for each employee.
Under the personal account system (Individual Pension Accounts), employees will pay a mandatory contribution of 4% on earnings between £5,000 and £33,000, with employers adding a further 3% on the same salary band.
A further 1% will be added on in the form of tax relief from the Government.
These contributions are planned to be phased in from around 2011 or 2012, over a three-year period, at the rate of 1% per year.
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