employees) and small firms (10-49 employees) do not currently offer their employees any form of workplace pension scheme, representing nearly five million employees not yet covered by employee pension.
Nearly half (49%) of small firms said they would turn to an adviser when choosing a pension, representing over half a million businesses.
Small firms fared better with auto-enrolment than their micro counterparts, with almost half (48%) now offering and contributing to a workplace pension compared with only 16% of micro employers, the survey found. When opting for financial advice, the PFS found, small and micro-sized firms were most prepared to pay for one-off tailored advice and setting up a pension scheme and ongoing tailored advice on the pension scheme than presentations and individual financial advice to employees. The research found that firms with a turnover of more than £500,000 were a lot more likely to want to pay for advice services than lower turnover firms. The online survey, which was entitled Are we ‘in' yet?, questioned around 500 small and micros employers following the lauch of the government's auto-enrolment reforms in October last year, and its subsequent media awareness television campaign.
Read the full article from IFAonline here .
Automatic enrolment: What workers want to know
4 September 2013
How much will it cost me? What will I get back at the end? Who’s looking after my money? Have members of staff asked you any of these questions about automatic enrolment?
According to NEST (National Employment Savings Trust) these three questions are the most common ones that workers ask when they hear they will be automatically enrolled into a workplace pension scheme.
How much will it cost me?
What will I get back at the end? Who’s looking after my money?
NEST has produced a short video, ‘Three things to know about automatic enrolment’ , to help tackle these three core questions.
Members may find this a useful resource as it will help some staff to understand how pensions work in basic terms and it may help to reduce the number of questions you are asked when dealing with automatic enrolment.
To share the video:
Use this link: http://tinyurl.com/nestvid3 ; or embed the video in your website or intranet using this code:
Automatic enrolment is working, but are pension contributions adequate?
10 September 2013
CIPP Policy News Journal
16/04/2014, Page 386 of 519
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