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Are pensions compulsory ?

Around 268,000 employees in the UK don't have a pension. At the moment, having a pension is not compulsory; however this is subject to change and suggested schemes such as the Government’s Personal Account could mean that in the future we are required to hold a pension scheme. As an example, the Personal Account scheme would have an "opt out" option, but every employee in the UK will be enrolled into the scheme initially which will demand a payment of 4% of earnings.

However something that those in the financial advice industry, as well as those within the Government, are trying hard to communicate is that although pensions are not currently compulsory, everyone should start a scheme as soon as they possibly can in order to receive the maximum benefits from the growth of the fund.

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