personal accounts

personal accounts
A new trust-based defined contribution occupational pension scheme (defined contribution plan), to be introduced in 2012. Eligible employees will be automatically enrolled, with the choice to opt out, and employers will be required to pay minimum contributions. The Personal Accounts Delivery Authority will advise and set up the scheme, and an independent board will run the scheme from 2012.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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