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18-year-olds to receive Pension Auto Enrolment Benefits

18-year-olds to receive Pension Auto Enrolment Benefits

18-year-olds to receive Pension Auto Enrolment Benefits. A new government initiative is set to lower the age for Pension Automatic enrolment, to include those over the age of 18, by the year 2020. By law, UK employers are currently required to enrol all employees earning £10,000 or more and over the age of 22, into a workplace pension scheme. The size of pension contribution is based on the individual’s earnings. Although this is set to raise in the future, the percentage is currently 2% of earnings; 0.8% from employee, 1% from the employer and 0.2% in tax relief from the government. It is hoped that by reducing the age for Pension Auto Enrolment, young people will be encouraged to save … Read More…

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