Monthly Archives December 2016

More than 7 million workers now auto-enrolled – Pension Regulator

More than 7 million workers now auto-enrolled – Pension Regulator 700,000 small employers due to stage in 2017 The number of new people saving for retirement as a result of auto-enrolment has passed the seven million-mark, the latest monthly figures from the Pension Regulator have shown. According to the declaration of compliance report for November, a total of 341,495 employers have declared their auto-enrolment compliance, which accounts for 23.5 million workers. Of these, 7,050,000 have now been auto-enrolled while 9,806,000 were already active members of a qualifying scheme. The remaining 6,290,000 have no workplace-related pension. The Pension Regulator also indicated
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Categories: News.

60% of young people “don’t know what a workplace pension is”

Nearly half (40%) of 18-30 year olds consider their knowledge of pensions to be poor or very poor and three in five (60%) don’t know what a workplace pension is according to research by workplace pensions provider NOW: Pensions. Two in five (42%) justified their pensions ignorance by saying retirement was a long way off. Around one in four (27%) said they find pensions too complex. And nearly three quarters (71%) said they find pension terminology and jargon a barrier to engaging with the subject. Alarmingly, despite anyone over the age of 22 earning at least £10,000 a year being
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Categories: News.

Over 50% of accountants are unable to answer auto enrolment queries

According to recent research by The Pensions Regulator, over half of accountants quizzed stated that they are only partially able to answer auto enrolment queries from their clients.   The research states that the main issue was that the accountants did not have the in-house expertise or resources needed to give clients help with the more technical aspects of auto enrolment.   What’s more interesting, over 90% of those surveyed explained that they have been approached by at least one client regarding an auto enrolment query.   The Pensions Regulator estimates that 570,000 smaller businesses will stage for auto enrolment
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Categories: Uncategorized.