Between October 2012 and April 2017 all employers with UK-based staff will need to automatically enrol all eligible (between age 22 and state pension age, earning above a set minimum) employees into a workplace pension scheme. Each employer has a set staging date by when to do this based on their payroll size. There are compulsory pension contributions from both employers and employees. These will be introduced gradually on a sliding scale until reaching the maximum contribution levels in 2018 of 3% for employers and 4% for employees plus a 1% in tax breaks.
Open to all UK members of staff.
To help protect pension savers when new flexibilities come into effect.
EB Connect 2015: Rush decisions do not need to be made on 6 April.
Larger employers have opportunity to re-assess process as staff are re-enrolled.
Employers should also review pensions provider.
Why are some large employers re-doing auto-enrolment?
Consultants and advisers concerned about ability to service
Careful planning can help employers avoid getting stuck in an auto-enrolment traffic.
It has boosted the group life market.
Salary exchange is the new term.
But employers have no way of knowing how good a supplier is ahead of time.
The utilities firm brought in gamification to communicate auto-enrolment.
Nest research: 34% will think about retirement sooner.
Close Brothers research: 30% are aware but await revised plan terms.
EXCLUSIVE RESEARCH: 60% measured impact of auto-enrolment.