EXCLUSIVE: More than a third (36%) of employer respondents are using pensions auto-re-enrolment as an opportunity to introduce wider communications around pensions and pension savings, according to research by Employee Benefits and Close Brothers.
The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that a fifth (19%) have introduced, or are planning to introduce, financial education in response to auto-re-enrolment.
October 2015 marked the third anniversary of the introduction of auto-enrolment for the UK’s largest employers. It also saw the beginning of the auto-re-enrolment process, under which employers must automatically re-enrol any eligible employee who previously opted out or is not a member of their workplace pension scheme every three years from the initial date of auto-enrolment compliance.
This year and next will see the majority of larger employers in the UK go through auto-re-enrolment for the first time.
Overall, it is encouraging that just under a quarter (22%) of respondents are viewing auto-re-enrolment as an opportunity to make changes to their pensions provision, despite 33% reporting that it has or will increase their costs.
Tune in to EB TV at 11am on 29 November for Employee Benefits Wired, where an expert panel will discuss key findings from the research. Tweet your questions for the panel using #EBWired.