Rising levels of awareness and understanding of the reforms are reported in research published as the UK’s largest employers approach their automatic enrolment staging date.
98% of large businesses – with staging dates between October 2012 and February 2014 – remain confident that they will ready on time, and 82% have taken steps to prepare.
But 28% of large private sector employers believe automatic enrolment preparations will take less than three months and 20% of large public sector employers suggest it will take less than a fortnight.
Read more from The Pensions Regulator
RBS FIRST UK BUSINESS TO AUTOMATICALLY ENROL WORKFORCE
24 July 2012
The Royal Bank of Scotland has become the first UK business to auto-enrol its workforce under the government’s requirements, with 40% of newly enrolled members choosing to opt out. RBS already operates a form of auto-enrolment for its workforce where employees are given an additional 15% of salary for its flexible benefits package. Four percentage points of this is automatically put into the pension scheme. The bank has 42,000 members in its closed defined benefit scheme, 27,000 members in its defined contribution scheme and a further 14,000-15,000 employees who opted out or are contributing below the auto-enrolment minimum.
This latter group have now been auto-enrolled back into the scheme under the legislative requirements of a 2% contribution, the equivalent of 1% from the employer and employee.
The bank is the only company to choose to bring its date forward ahead of the starting gun in October when the four major supermarket giants - Tesco, Asda, Sainsburys and Morrisons - will begin auto-enrolment.
Read more from Professional Pensions
PENSIONS UPDATE - WHAT WILL AUTOMATIC TRANSFERS MEAN FOR EMPLOYERS?
27 July 2012
On 17 July 2012 we published a news item telling you of the government’s plans to make it easier for individuals to take their workplace pension savings with them when they change jobs.
The government wants small pension pots in auto-enrolment schemes to be automatically transferred to a new employer’s scheme when the worker moves on.
Pinsent Masons have produced a useful Pensions Update explaining what employers will have to do in practice to implement the transfers.
Pinsent Masons Pensions Update July 2012
CIPP Policy News Journal
12/04/2013, Page 243 of 362
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