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Employee Benefits News

News - Auto-Enrolment
10 Feb 2014 Businesses Need Assistance With Auto-Enrolment, Study Suggests

The majority of financial experts and advisers believe that British employers are not engaged enough with the impending auto-enrolment reforms, a new study by research organisation Defaqto has revealed. Considering the fact that thousands of UK businesses will have to implement the reforms befo...

03 Feb 2014 NEST Warns Of 2014 Auto-Enrolment Challenges

The next 12 months are crucial for the successful implementation of automatic enrolment, and employers should be careful to avoid several pitfalls that may prove an obstacle to compliance, the National Employment Savings Trust (NEST) has warned. New research from NEST identifies three m...

08 Jan 2014 Majority Of UK Employers Back

According to a new survey carried out by the Association of Consulting Actuaries (ACA), the majority of UK employers support the implementation of the so-called “auto-escalation schemes.” This is where pension scheme members contribute more to their pension pot over time, mainly due to incr...

25 Nov 2013 One In Three SMBs Plan To Ignore Auto Enrolment

In 2014, approximately 38,000 UK companies will have to enrol their staff into workplace pension schemes under the next phase of the large-scale government initiative to boost pension savings in the country. Since the start of auto-enrolment last year, the largest British employers have...

21 Oct 2013 Auto-Enrolment Rules Undergo Revision After Consultation

The UK government has recently announced that the window for employers to automatically enrol employees into a pension scheme has been extended to six weeks, from one month previously. There will also be a number of technical changes intended to make it easier for smaller companies to add staff...

14 Oct 2013 NEST: UK Workers More Willing To Save For Retirement

Britons have dramatically changed their attitudes towards financial planning and saving for retirement, with workers now much more receptive to pension reforms, according to a new poll by the National Employment Savings Trust (NEST) and research firm Futures Company. For the survey, NES...

07 Oct 2013 DWP Considers Ways To Help Over-Charged Pension Savers

The Department for Work and Pensions (DWP) will be looking at possible ways to assist people whose retirement savings have been hit by excessive charges and fees. According to pension minister Steve Webb, many UK workers that started saving years ago into a number of old pension schemes...

30 Sep 2013 Number Of Workplace Pension Scheme Members Falls In 2012

New data released by the Office for National Statistics (ONS) has revealed that the number of people making contributions into a workplace pension scheme fell by 400,000 last year to 7.8 million, compared to 8.2 million in 2011. Meanwhile, total membership of occupational pension scheme...

09 Sep 2013 One In Four UK Micro Businesses Ready For Auto-Enrolment In Advance

Around one in four of Britain´s smallest companies (employing fewer than ten workers) are already ahead of the deadline that requires them to provide a pension scheme for their employees under the automatic enrolment scheme. UK micro companies are required to provide a pension sch...

05 Aug 2013 Auto-Enrolment Brings 1m New Savers To Workplace Pension Schemes

New data from The Pensions Regulator has revealed that more than one million employees are now saving for retirement for the first time, as a result of the automatic enrolment scheme. Just nine months after the start of the programme, the number of new workplace pension members has grow...

22 Jul 2013 UK Small Businesses Unprepared For Auto-Enrolment

A large proportion of small and medium-sized businesses (SMEs) in the UK are not ready for automatic enrolment 12 months ahead of the deadline. This may result in significant fines for non-compliance, recent survey of 275 SMEs by law firm Irwin Mitchell has suggested. During this summer...

08 Jul 2013 Government Looks To Establish DC Schemes Standards

The government has called for evidence into the quality of working standards in defined contribution pension schemes, in an attempt to ensure automatic enrolment offers protection to those saving for retirement, Money Marketing reported. UK pension minister Steve Webb announced that the...

01 Jul 2013 Large Pension Schemes To Become More Prominent As Auto-Enrolment Progresses

The formation of huge pension schemes that consist of a large number of smaller pension schemes under one common management (also known as ‘master trusts´) will have a dramatic effect on the fragmented British pensions industry, according to Darran Burton, head of defined-contribution p...

24 Jun 2013 Auto-Enrolment Could Cause Problems For Small Firms, Pension Industry Says

Despite the positive feedback from the initial stage of the automatic enrolment scheme and the low opt-out rates, there is still a lot of work to be done to ensure that similar smooth adoption would be achieved by small firms, according to several pension industry groups. The National E...

03 Jun 2013 Survey Shows Some Small Businesses Plan To Avoid Auto Enrolment

Some small firms in Britain may try to avoid implementing automatic enrolment into workplace pension schemes, the Institute of Directors has alerted. Recent research it conducted into small businesses preparedness for the process showed that some companies have planned not to comply with regula...

28 May 2013 Pension Regulator To Invest £30m On Auto-Enrolment

The Pensions Regulator (TPR) will be allocating nearly £30 million to regulate automatic enrolment in 2013/2014, as it tries to improve its enforcement capabilities before small businesses start joining the scheme. The entire budget for TPR next year will be £66.6 million, of which £...

07 May 2013 Auto-Enrolment Sees Over 300,000 More Workers Saving For Retirement

More than 300,000 British workers have joined workplace pension schemes since July as part of the government´s auto-enrolment scheme, which aims to encourage workers to save for retirement. New figures from The Pension Regulator (TPR) have revealed that 308,000 people have been au...

04 Apr 2013 DWP Consults On Plans To Simplify Auto-Enrolment Rules

The Department for Work and Pensions (DWP) has come up with proposals that are intended to streamline automatic-enrolment rules and has launched a consultation on the matter that will run until next month. DWP is asking employers and pension and payroll providers to send responses about...

25 Mar 2013 Higher Personal Allowance May Take 200,000 People Out Of Auto-Enrolment

The planned increase in the personal income tax allowance in 2014, announced during George Osborne´s budget speech last week, could result in the exclusion of around 200,000 individuals from auto-enrolment schemes, the Citywire reported. The personal allowance, which is the level ...

20 Mar 2013 DWP To Bring TUPE Regulations In Line With Auto-Enrolment Rules

The Department for Work and Pensions (DWP) announced earlier in March its intention to introduce some changes to TUPE rules to make sure that they comply with automatic enrolment legislation. The most substantial amendment concerns cases involving a TUPE transfer from an employer running a define contribution (DC) scheme, where the new firm will no longer be obliged to pay matching contributions of up to 6% and will be allowed instead to match the contributions paid by the transferor.

15 Mar 2013 FROM MINORITY SPORT TO LEGAL OBLIGATION

Half a year ago, the introduction of new legislation brought about the biggest change to the pensions system in a generation. Iain Fox, employee benefits director of growing Bath financial services firm Fidelius, looks at what small and medium-sized businesses can learn from larger companies’ experiences of auto-enrolment.

11 Mar 2013 Failure To Start Saving Earlier Is Baby Boomers´ Biggest Money Regret

Failure to start saving for retirement earlier is the thing that British baby boomers regret most when it comes to finances, a survey from Standard Life revealed. As much as 15% of Britons regret not starting a pension when they were younger, with the proportion going up to 20% among th...

11 Mar 2013 Pensions auto enrolment – this much we know

Six months on from the launch of pensions auto-enrolment, Iain Fox, employee benefits director of growing Bath financial services firm Fidelius, looks at the lessons businesses can learn from those on the scheme’s frontline.

25 Feb 2013 Number of Occupational Pension Savers Hits Lowest Level On ONS Records

About 46% of British workers were saving in a workplace pension in 2012, the lowest proportion since the Office for National Statistics (ONS) started its records in 1997, when 55% of staff were in occupational schemes. However, with the recent pension reforms designed to boost private-s...

05 Feb 2013 Less Than 50% Of Employers Have Confirmed Pension Provider Said NEST

Less than 50% of employers with a headcount of below 5,000 have confirmed who their pension scheme provider is ahead of the automatic enrolment staging date, the latest research by the National Employment Savings Trust (NEST) showed last week. In 2013, when workplace pensions become mai...

22 Jan 2013 For the Benefit Of All

Offering the right blend of employee benefits to your staff can ensure that those 2013 resolutions don’t fall by the wayside, explains Iain Fox, director at Bath-based employee benefits specialist Fidelius.

22 Jan 2013 It Is Not Just About The Salary

An attractive job offer is about more than the size of the basic salary. At a time of upheaval to the UK’s pensions regime, the accompanying benefits package is also crucial. Iain Fox, director of Bath employee benefits firm Fidelius, explains why offering the right benefits to staff can boost a company’s bottom line as well as staff well-being.

21 Jan 2013 OFT To Investigate DC Schemes

The Office of Fair Trading (OFT) last Thursday initiated a probe into the quality of defined contribution (DC) workplace pension schemes amid reforms in the market resulting from the introduction of automatic enrolment. As a result of auto-enrollment, the value of annual contribution i...

17 Dec 2012 Over 400,000 To Miss Out On Auto-Enrolment After DWP Raises Trigger

Some 420,000 individuals will be excluded from automatic enrolment after the Department for Work and Pensions (DWP) last week announced its decision to lift the earnings trigger to £9,440 in 2013/14. As many as 320,000, or 76%, of those affected by the change are estimated to be women....

03 Dec 2012 Some 70% Of Brits Not To Opt Out Under Auto-Enrolment - DWP

Some 70% of UK adults intend to remain as members of a pension scheme if they are enrolled into one under automatic enrolment, the latest Department for Work and Pensions (DWP) study on retirement savings showed last week. According to the ‘Attitudes to pensions: The 2012 survey´...

10 Sep 2012 Over 18 Million Britons To Undergo Auto-Enrolment By End-2013

Automatic enrolment is to cover over 18 million employees in the UK by the end of 2013, according to the latest forecast of The Pensions Regulator (TPR) released last week.

03 Sep 2012 Advisers See Auto-Enrolment As Opportunity To Boost Group Protection Sales

Almost 60% of financial advisers and employee benefit consultants (EBCs) in the UK believe there is an opportunity for stronger group protection sales that arises from auto-enrolment, according to a study from ORC International released last week.

06 Aug 2012 UK Pension Income To Double Thanks To Auto-Enrolment

As a result of automatic enrolment, private retirement income in the UK could rise almost two times by the time Britons that start work today become pensioners, research by the Department for Work and Pensions (DWP) has shown.

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