Deadline looms for automatic pension enrolment
HULL: Thousands of workers in the city will be pushed into new workplace pension schemes in a bid to tackle the country's pensions crisis.
As of next month – beginning with the largest employers – company bosses will be required by law to enrol all eligible staff into a workplace pension scheme, unless they opt out.
The programme, which is being gradually phased in, aims to get up to 11 million more people saving enough cash for their retirement.
The number of eligible workers in Yorkshire and the Humber region with company pension schemes dropped from 642,000 in 1997 to just 441,000 last year.
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Pensions Minister Steve Webb said the scheme was the "biggest boost to pensions for more than a century".
He said: "By the time all employers are included, millions more people will be saving for their old age, with more than 500,000 new savers in workplace pensions by Christmas.
By October 2018, workers will pay 3 per cent of their earnings into the pension scheme, employers 4 per cent and the Government 1 per cent.
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