October 2012 is the date earmarked for the launch of Phase 1 of the Government’s proposed National Pension Savings Scheme (NPSS), also known as ‘Personal Accounts’. Whilst no formal regulations have yet been announced, the latest proposals have far-reaching implications for employers and employees alike:

• Compulsory employer contributions
• Compulsory employee contributions
• Auto-enrolment to the scheme every three years

Whilst implementation may still seem some way off, Government advertising could begin as early as June 2009 and both businesses and their staff need to consider the introduction of Personal Accounts  not only in terms of their pension planning but also their budgetary planning in what are challenging times for most businesses and their staff.

EBS is already active within the debate surrounding the proposed launch of NPSS and will issue regular bulletins to keep you informed of the latest developments and their implications.

A summary of the latest proposals is available from the Employee Benefits section of this site.
If you would welcome a conversation to discuss the plans in more detail or how they may impact you or your business please get in touch.

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