50 000 Part_Timers Workers Miss Personal Accounts Pension
Published / Last Updated on 26/02/2008
50,000 Part-Timers Workers Miss Personal Accounts Pension
Part-time workers could miss out on Personal Accounts as they do not earn enough according to the Personal Accounts Delivery Authority (PADA).
Personal accounts are the new style compulsory personal pension scheme that starts in 2012 where both employers and employees will be required to pay in.
Personal Accounts Delivery Authority (PADA) chairman Paul Myners is concerned that around 50,000 part-time workers with multiple employers will not be auto-enrolled into personal accounts because they do not earn above £5,000 with any individual employer.
Our view
Lower paid employees can still opt into personal accounts although they may not receive any employer contributions and these are the very people that personal accounts are supposed to help.
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