National Pension Savings Scheme: New legislation that will force employers to contribute to employees' pensions.

National Pension Savings Scheme (NPSS) changes mean that - from 2012 - UK employers will be forced to contribute to their employees' pensions.

The National Pension Savings Scheme (NPSS) was introduced by the Pensions Act 2007, as proposed in the Turner Report.

Under NPSS, also called Personal Accounts:

• Employers will have to contribute 3% (earnings will be banded, approximately £5,000-£33,000)

• Employees will pay in 4% of their salary

• The Government will contribute 1% in tax relief.

All UK employees will automatically be enrolled - unless they are members of an occupational pension scheme which has contribution rates above those of the NPSS. Occupational schemes must meet minimum standards.

For expert independent advice on the National Pension Savings Scheme, contact 01202 312288 or fill in the email contact form below...

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