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Gordon Banks MP today welcomed pension changes today (12/01/10) that will move millions of workers a step closer to getting a workplace pension for the first time.
Final rules for the Labour pensions’ reform were put before Parliament today.
This is the most radical change to workplace entitlements since the introduction of the National Minimum Wage – for the first time employers of all sizes will be joining employees in paying into a pension scheme.
Gordon Banks MP said:
“These reforms are vital in giving thousands of people locally the chance to save in a pension, and mean all employers will be required to pay into a pension for their workers for the first time.
“The cost to all of us of doing nothing in the face of an ageing society is too great to ignore. Currently 14 million people get no contribution from their employer towards a pension and around 7 million people are not saving enough for their retirement.
“These reforms will give everyone the chance to build up a pension. It is the biggest change to support for working people since the introduction of the minimum wage.
“Along with our changes to the state pension later this year, this will ensure that pensions are fair and sustainable in the longer term.”
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MP welcomes Pension Reform for millions of workers
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