UK – The UK government today unveiled its long-awaited response to the Pensions Commission in a White Paper.

Among the key elements were the launch of a new national pension savings scheme based on personal accounts and the extension of the Financial Assistance Scheme, the BBC said.

The new accounts, from 2012, would see employers contribute 3% of salaries, employees 4% and the government 1%. The employer contribution would be phased in over three years. Employees will be automatically enrolled but may opt out.