Pension auto-enrolment begins for thousands

Workers at the country's largest firms will start paying into qualifying pension schemes - unless they choose to opt-out. Their employer will also contribute. About 600,000 people will be enrolled by the end of the year and by May 2014 some 4.3 million will be saving for the retirement. Minimum contributions start at 1% and by October 2018 build to 4% for employees which equates to 8% overall (employer at 3%, employee at 4%, and tax relief at 1% combined) of a band of earnings. Pensions minister Steve Webb said: "We are proud to be introducing this truly historic change, which will ra...