The Pensions Bill received its first reading in Parliament. The Bill, which will introduce legislation for employers providing pension schemes, proposes automatic enrolment for staff into a qualifying workplace pension scheme from 2012 and the introduction of personal accounts for employers who do not currently run a pension scheme. Under the proposals, all employees aged over 22 years, who earn more than £5,000 a year will be automatically enrolled into either a qualifying workplace pensions scheme or personal account. Employers who fail to make payments into new personal pension accounts could be fined £50,000.

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