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Press release: One million employers enrol staff into a workplace pension

first_imgThe new figures, released by The Pensions Regulator, show that over 600,000 employers have complied with their duties in the past year alone. The deadline is approaching for the remaining 150,000 employers, including new businesses set up since the government scheme was launched, to enrol their staff by June 2018.Guy Opperman, Minister for Pensions and Financial Inclusion, said: New business owners should look to get their workforce engaged – the law requires you write to each worker to let them know how automatic enrolment applies; and it’s helpful to point out the positive benefits of pension saving for their future too. Many existing business owners have spoken publically about the motivational benefits of offering a workplace pension to their staff. Scotland (local media enquiries) 0131 310 1122 Choose a qualifying pension scheme that can be used for automatic enrolment. The Pensions Regulator offers a helpful directory and step by step guide about an employer’s automatic enrolment duties. One option is NEST – the workplace pension scheme set up by the government which can help new business owners fulfil their obligations, without set-up costs. Out-of-hours (journalists only) 07623 928 975 With one million employers – from the small sandwich shop owner to the large supermarket chain – now enrolling their staff into a workplace pension, we are creating a nation of responsible employers who are reassuring their workforce that with their support, they will have a secure retirement. Clearly this would not have been possible without the hard work and continued support of employers across the UK. That is why we are committed to working closely with them to prepare for our recently announced proposals which will ensure even more people, including 18 to 21 year olds, lower earners and multiple job holders, can benefit from a workplace pension in the future. London Press Office (national media and London area enquiries only – not questions about personal claims) 020 3267 5144 Twitter – www.twitter.com/dwppressoffice Facebook – www.facebook.com/dwp LinkedIn – www.linkedin.com/company/dwp YouTube – www.youtube.com/dwp Contact Press Office Caxton HouseTothill StreetLondonSW1H 9NA Follow DWP on: Press Office Business owners need to take 3 simple steps to be ready for the workplace pension Get to know your workplace pension by visiting www.workplacepensions.gov.uk. Most importantly, no business owner wants to be caught by surprise costs they didn’t plan for. So take ownership of the automatic enrolment process now, which will help to avoid the possibility of costly fines for non-compliance, and put in place arrangements that work for you and your staff. Since automatic enrolment was launched in 2012, there have been ‘staging dates’ gradually bringing existing employers and their staff into workplace pensions, starting with the UK’s largest employers, and getting down to the smallest ones today.Research recently published by the Department for Work and Pensions (DWP) highlighted how workplace pensions have become ‘the new normal’, revealing that small and micro employers – which represent 98% of all UK businesses – are finding automatic enrolment ‘necessary’, ‘sensible’ and ‘easier to implement than first expected’. In addition, 4 in 5 of today’s eligible workers (83%) now see saving through a workplace pension as the normal thing to do if you are in paid employment.Currently, to be automatically enrolled into a workplace pension, you must be aged 22 to State Pension age and earn at least £10,000 per year. In return for employees contributing a minimum of 1% of their pay, employers will at least match it, with most savers also benefiting from tax relief on their contributions.With contribution rates set to increase to 5% in April 2018 and 8% in April 2019, savers will see every penny going further as, thanks to compound interest, the earlier people save the more they will earn.In December the government published its review of automatic enrolment, announcing a series of major policy proposals that will set millions of people – including younger people, lower earners and multiple job holders – on the path to a more financially secure retirement. The government will introduce these reforms in the mid-2020s, in partnership with employers, and learning from the contribution increases in April 2018 and April 2019. This will ensure that businesses and individuals have time to plan for the changes, and that we continue to build on the foundation already in place in an effective way.The news coincides with a national government campaign which is encouraging people to ‘get to know your pension’.More informationBy later this year, it is expected that up to 10 million people will be newly saving or saving more through automatic enrolment, giving them a greater sense of economic security and peace of mind in retirement.The latest figures show that there are a record 5.5 million private sector businesses across the UK. Additional figures show that workplace pension participation in the public and private sectors has increased from a low of 55% in 2012 to 78% in 2016. The most significant increases have been among the lowest earners, younger people (those aged 20 to 29) and women.In 2016, the total amount saved annually in workplace pensions by eligible savers was £87.1 billion, a 10 year high (source: Automatic enrolment review 2017: Maintaining the momentum). It is estimated that the introduction of automatic enrolment will have increased pension contributions by around £20 billion a year by 2019/20. England and Wales (local media enquiries) 029 20 586 then 097 or 098 or 099last_img read more

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Florida Power & Light to build world’s largest battery storage system, close gas plants

first_imgFlorida Power & Light to build world’s largest battery storage system, close gas plants FacebookTwitterLinkedInEmailPrint分享Energy Storage News:Major U.S. utility Florida Power & Light Company (FPL) is planning to build the world’s largest battery energy storage system adjacent to an existing solar power plant, with plans to roll out multiple other storage systems across the state.With the key proposed battery standing at 409MW capacity, the Florida energy company claims it will be four times larger than the largest battery currently operating worldwide. Furthermore, the system will help reduce fossil fuel usage and thereby accelerate the decommissioning of two neighbouring 1970s-era natural gas power units.The FPL Manatee Energy Storage Center will be powered by an existing PV plant in Parrish, Manatee County, and capable of distributing 900 MWh of electricity. It will start serving customers in 2021, with the batteries being used particularly during peak demand periods, thereby reducing the requirement for electricity from other power plants. It will be able to provide energy the equivalent of 329,000 homes for a period of two hours, saving FPL customers more than US$100 million in the process.The company has 18 solar power plants currently in operation and four more entering construction, but it is no stranger to solar-plus-storage, having opened the largest plant combining solar and storage at Babcock Ranch in Charlotte County in 2018, and the company is now also planning smaller battery installations and solar plants across the state. This, while carrying out efficiency upgrades to existing combustion turbines at other power plants, will help to replace 1,638 MW of traditional generating capacity.FPL’s two-decade-long modernisation programme has tended to involve replacing oil-based power plants with U.S.-produced natural gas units. However, it is FPL’s increased knowledge of how to optimise solar and batteries as well as the new technologies’ rapidly declining costs, that is allowing FPL to take on these alternative technologies simultaneously.FPL, which serves more than 10 million people, will also soon shut down its only remaining coal plant in Florida by the end of this year.More: Florida utility plans world’s largest battery combined with solarlast_img read more

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