Auto-enrolment proves popular with workers
Only 9% of workers have opted out of automatically enrolled pension schemes.
Opt out rates were higher among those aged 50 and over than for other age groups.
Although auto-enrolment came in on 1 October 2012, individual employers’ duties will be introduced gradually over the coming years and will be based on the employer’s size. (Basically the largest employers auto-enrol first.) So it is still early days for pension auto-enrolment.
In early 2014 many medium sized employers will auto-enrol their staff into workplace pension schemes, which might give us a better understanding of opt-out rates.
Farrell Financial Planning offer independent advice on auto-enrolment, record keeping for auto-enrolment, auto-enrolment communications planning, workplace pensions and much more.
Contact us to find out how our expert advice can help your business comply with the auto-enrolment rules.
Preparing for auto-enrolment takes detailed planning and should not be left to the last minute. Our view is that employers should seek professional financial advice at least 18 months before their auto-enrolment staging date.
All statistics quoted are from DWP research published August 2013.