The list is intended as a starting point for the smallest employers to inform themselves about what is available. The regulator will also make clear on its website that there may be more suitable schemes in the open market, particularly for larger employers or for those with higher paid workers.
Executive Director for Automatic Enrolment Charles Counsell said:
“The needs and behaviours of small and micro employers preparing for automatic enrolment are expected to be very different to the large and medium organisations which have already successfully staged. “In line with our educate and enable approach, we are working to understand those needs, particularly the ability for small and micro employers to identify a pension scheme they can use to comply with automatic enrolment without the help of advisors.”
40th NAPF Annual Survey tracks workplace pensions from 1975-2014
4 December 2014
The National Association of Pension Funds (NAPF) has launched its 40th Annual Survey. According to NAPF, it provides a unique snapshot of UK workplace pension schemes today and an opportunity to reflect on how this pension landscape has changed since 1975. Highlights of the survey include the fact that active DB scheme members shrunk by two thirds from 3.5 million in 1975 to 1.1 million in 2014. The membership of DB schemes has fallen to such an extent that active membership of DC schemes outnumbers that of DB schemes for the first time in 2014.
Survey shows low pension understanding among 18 to 29s
5 December 2014
A Survey by Barnett Waddingham, the UK's leading independent firm of actuaries, administrators and consultants, has revealed that 81% British 18-29 year-olds do not understand pensions and the majority are more likely to save money for their first home or clear debt over saving into a pension. The firm's Helping Hands survey of over 850 members of the public, has gauged generational attitudes and perspectives towards pension saving and saving in general, by asking specific questions aimed at three different generations of savers: 18-29 year-olds, 30- 49 year-olds and 50+ year-olds. Of the three generations surveyed, those aged 18-29 appear to be the most disengaged with pension saving, with 81% stating that they do not understand pensions and 40% answering that they had never heard of auto-enrolment. Worryingly, 33% of this age-group admitted to having no pension savings at all. When asked which was the most financially important to them, 49% of those 18-29 year olds surveyed rated saving for a house as the greatest priority, followed by 41% rating clearing debt, 6% said buying a car, while only 4% of those surveyed rated building a pension as the most financially important to them.
Other findings from the Helping Hands survey include:
30-49 year-olds * 75% don't understand pensions
CIPP Policy News Journal
08/04/2015, Page 409 of 521
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