Personal Accounts

Personal Account pensions are due to arrive in the UK in 2012. The latest idea of the UK Government, they will bring compulsion to pensions for the first time. With more pension legislation comes the need for the best pension advice. Here you can find some details of the new scheme, as well as an idea of how to find out more information and the options to address the issue.

The new Personal Accounts are aimed at the estimated 10 million people in the UK who are not saving sufficiently for their retirement. The idea behind the Personal Accounts Pensions is that employees and employers will be compelled to contribute through an employer pension.

Employers will have to automatically enrol employees into a suitable pension, into which the employer will pay 3%, the employees will pay 4% and tax relief will add 1% of band earnings – between around £5,000 and £33,000. Only if the individual opts out will this not have to happen – and how this opt-out process is managed by each company will be vital.

As employers start to plan for this additional expense, taking on board how it will impact on their existing pension or employee benefits, receiving the best corporate pension advice is crucial. Does your pension meet the existing requirements? What choices will you have about Personal Accounts? As we approach 2012, these, and other questions will become more pressing.

Jigsaw are ready to take your details to keep you informed of the changes and developments as and when they happen. Please contact us and register your interest and we will keep you informed.

Personal Account Services

We aim to provide you with information, news and comment about Personal Account pensions. We would also hope that in the future, we can help employers and their employees get the best pension advice possible – providing help on how to deal with the repercussions of Personal Accounts, be that the smooth introduction of them, or designing and implementing an alternative.

To keep on top of the information relating to Personal Accounts, we would recommend that you visit http://www.padeliveryauthority.org.uk/, and keep a check here at the Jigsaw site.

For more information contact us here.