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Update: estate planning

David Bird reviews auto-enrolment under the pensions bill, the disclosure of tax avoidance schemes regime and an interim report by the Office of Tax Simplification

7 February 2011

Auto-enrolment under the pensions bill

On 13 January 2011 the government’s new pensions bill received its first reading in parliament. The bill builds on reforms set out in the Pensions Act 2007 and the Pensions Act 2008 and one of its measures is the introduction of auto-enrolment.

As of 1 October 2012 there will be a duty on an employer to automatically enrol its employees into a qualifying pension scheme if their salaries fall within specified parameters. Unless the employee opts out of the scheme, the employer must make a contribution towards a defined contribution scheme or NEST (the national employment savings trust). Payments are to be phased in. Initially employers will only have to contribute one per cent, but by 2017 the employer will have to make a minimum contribution of three per cent.

The auto-enrolment rules will apply to all employees aged between 22 and state pension age who earn over £7,475 and under £33,540 per year (2...

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