"We’ve been listening to the experience of employers that have enrolled their workforce so far and recognise that some parts of the process could be improved. By consulting on these changes we can address this before automatic enrolment is rolled out to small and medium sized businesses.
"We don’t want to make changes to legislation lightly but do we want to make sure that automatic enrolment is working as well as possible."
HAVE YOU EVER WONDERED WHAT HAPPENS TO THE NET PAY THAT YOU CALCULATE?
27 February
If you have every wondered how the net pay is spent then you may find the results of recent research, commissioned by NEST, interesting.
It would appear that even allowing for recent tough economic times, 85 per cent of us admit to having spent money in the last five years on goods that we have never or rarely used.
A whopping £6.2 billion has been spent across the UK over the last five years on impulse- buys, just over £1.2 billion a year and an average of £129 each. More than a fifth of those who admitted to spending money on unnecessary purchases spent over £200 and 5 per cent wasted more than £500. But some people are finding thrifty ways to make the most out of a bad decision, by selling their unused goods on. Half of people who admitted to buying things they’ve never used have tried to sell them on and a quarter of these managed to make their money back. While most people have managed to claw back around £25, one in ten have made more than £100 by selling things they no longer use. And looking back on their wasted money, people tend to think they’ll be more careful in future. More than two thirds (68%) of respondents who spent money on things they never used said they’d be unlikely to make similar impulse purchases nowadays. The research , carried out by Populus, was commissioned by the new national pension provider NEST to highlight how small changes to spending habits now could mean big savings for the future.
Commenting on the findings, NEST’s director of communications and engagement Graham Vidler said,
‘We’ve all bought things that just end up gathering dust at the back of the cupboard. It’s easy to feel guilty about wasting money when you don’t end up using what you’ve paid for, but your unused goods could turn out to be hidden treasure if you sell them on to someone who needs them.
‘By putting the cash into your pension.... rather than feeling guilty, you’ll be de-cluttering your cupboards and investing in your future peace of mind at the same time.’
The full press release can be read in full at the website of National Employment Savings Trust
THE PENSIONS REGULATOR WEBINAR: UNDERSTANDING AUTOMATIC ENROLMENT PROCESSES
1 March 2013
CIPP Policy News Journal
12/04/2013, Page 256 of 362
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