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Personal Accounts
The government is planning to introduce new legislation for occupational pensions in 2012. It will be mandatory for all employers to offer a pension known as a personal account, to which they will also contribute. Employees will pay a minimum of 4% and employers 3% of salary into the scheme and enrolment will be automatic although employees may opt out if they wish. If you are employed in 2012 when personal accounts come into force then it may be worthwhile reviewing your contributions into your personal plan as although you may continue with your private arrangement, if for affordability reasons you need to prioritise one over the other then the personal account should be your first option as it will benefit from employer contributions.
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