Pensions law is changing - find out what pension reform means for you

Why is pensions law changing?

The Government is making changes to encourage people to save for retirement.

People in the UK today can expect to live longer than ever before.

The number of retired people will rise by more than a third by 2050 but there will be relatively fewer working people.

Pension reform will help people to save for their retirement so they don’t have to rely only on the State Pension.

What's changing?

The Pensions Act 2008 introduces new duties on employers to provide access to a workplace pension scheme for most workers. As part of this many workers will get new rights.

Employers will need to enrol most workers into a workplace pension scheme that meets certain standards.

These standards depend on the type of pension scheme they choose. For example, if they choose a defined contribution scheme such as NEST they’ll need to pay a minimum contribution. If they choose a defined benefit scheme they'll need to provide a minimum level of benefits.

You can find out more about defined contribution and defined benefit schemes by visiting the Glossary.

Where does NEST fit in?

NEST is designed to make it easier for all employers to meet their new duties and help more people save for their retirement.

For background information on pension reform visit: