|
Minimum Employer Contribution
A minimum employer contribution is a mandatory pension contribution in the United Kingdom, which was made compulsory by the Pensions Act 2008, however it did not come into force until 2012. As a result, all staff are required to be automatically enrolled in a pension scheme when they join a firm. The Cameron Ministry modified this rule by means of the 2011 Pension Act, which brought the rule into force in a series of tranches of employers, over several years (finishing by the end of 2017), instead of all at one moment. The pension scheme involves a portion of one's earnings being put into a fund by both the employer and the employee, in order to save money for their retirement. Employers are initially only required to contribute 1% towards the employee's pension fund; this will increase to 2% on April 6, 2018, and then to 3% on April 6, 2019. In addition to this, the minimum employee contribution coming out of their workplace earnings will increase from 1% to 3% in April 2018, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 2008
The Pensions Act 2008c 30 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in. A second change is the creation of a National Employment Savings Trust, a public pension provider for those who do not have an occupational pensions, which will function as a low-fee pension scheme in competition with existing funds. Contents The Pensions Bill 2011 working its way through Parliament makes a number of amendments to the Act, ahead of its due date to be brought into force in 2012. See also *Minimum employer contribution *Pensions in the United Kingdom *National Employment Savings Trust *Pensions in the United States *Pension Protection Act of 2006, a law allowing (but not requiring) employers to automatically enrol employees into defined contribution schemes ;State pensions Acts *National Insurance Act 1946 *Social Security Contrib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automatic Enrolment
In public services, automatic enrolment defines programmes where citizens are automatically included unless they opt out. Examples include: *Pensions in the United Kingdom as of 2012 *Organ donation in some countries such as Austria Benefits and drawbacks Automatic enrolment is recommended in the book ''Nudge'' by Thaler and Sunstein, as it promotes higher participation rates than when citizens are left to arrange their own pensions. Libertarian Libertarianism (from french: libertaire, "libertarian"; from la, libertas, "freedom") is a political philosophy that upholds liberty as a core value. Libertarians seek to maximize autonomy and political freedom, and minimize the state's e ...s argue against automatic enrolment as it impinges on an individual's freedom of choice. References {{reflist External links https://web.archive.org/web/20161118041846/https://naeh.co.ukNational Auto Enrolment Helpline Behavioral economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cameron–Clegg Coalition
The Cameron–Clegg coalition was formed by David Cameron and Nick Clegg when Cameron was invited by Queen Elizabeth II to form a new administration, following the resignation of Prime Minister Gordon Brown on 11 May 2010, after the general election on 6 May. It was the UK's first coalition government since the Churchill caretaker ministry in 1945. The coalition was led by Cameron as Prime Minister with Clegg as Deputy Prime Minister and composed of members of both Cameron's centre-right Conservative Party and Clegg's centrist Liberal Democrats. The Cabinet was made up of sixteen Conservatives and five Liberal Democrats, with eight other Conservatives and one other Liberal Democrat attending cabinet but not members. The coalition was succeeded by the single-party, second Cameron ministry after the 2015 election. History The previous Parliament had been dissolved on 12 April 2010 in advance of the general election on 6 May. The election resulted in a hung parliament ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Employment Savings Trust
The National Employment Savings Trust (Nest) is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008. Due to its public service obligation, any UK employer can use Nest to meet its new workplace duties as set out in the Pensions Act 2008. The Pensions Act 2008 established new duties which stated that employers need to provide their UK workers with access to a workplace pension plan that meets certain minimum standards. Some workers will be automatically enrolled into the pension plan and others can ask to join. The former is called 'automatic enrolment'. These reforms affect the majority of UK employers and are intended to help up to 11 million more people save for retirement. National Employment Savings Trust (Nest) is one of the qualifying pension schemes that employers can use to meet their new duties. It was set up as part of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.svg "Click for more on -> United Kingdom")