The government is concerned that people will not have enough to live on when they retire. They are introducing new legislation which will get people to save more to provide another income during retirement on top of the State Pension. The current full Basic State Pension is only £107.45 per week for a single person.
The new legislation means that the Company is now required to enrol certain employees into a workplace pension scheme. This applies to those employees who aren’t already in such a scheme and who
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earn more than £8,105 per year (or £676 per month)
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are aged 22 or over
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are under State Pension Age
To comply with the legislation, we will be enrolling these employees into our workplace pension scheme, the Kingfisher Pension Scheme, on 31 March 2013.
Over the coming months, the Company and the Trustee will be providing further information on what the new legislation means for the KPS, members and all employees.
