Update on pensions auto-enrolment
A survey of 1,000 employers and 2,000 employees (Labour Market Outlook: Focus on pension auto- enrolment) conducted by the CIPD has found that pension auto-enrolment could make a huge difference to the number of workers saving for retirement.
62% of employees who were not currently contributing to a workplace pension said that they would stay opted in when they were auto-enrolled. If the sample is representative of the population as a whole, then when combined with the number of employees currently in a pension scheme, this would bring the total number in a scheme up to 82% (from 52%) by 2018.
The report found that half of employers planned to retain the value of their existing pension arrangement after auto-enrolment; a fifth to increase their pension offering; and 10% to cut their pension provision.
For more information on this or to talk to someone about your pension, please contact our Prime Wealth team on 0121 711 6353.