Auto enrolment proves popular with workers

Fewer people than expected have opted out of a compulsory pension scheme since it was launched almost a year ago, according to a report which identified a new mood of financial caution among the public.

More than 1.6 million people have been placed in government-backed workplace pensions since the roll out of auto enrolment last October with larger firms, it found.

The report - by pension provider NEST and researchers at the Futures Company - concluded that the tough economy had changed the way people manage their money. People seem more interested in saving for their retirement and reducing their debts.

The report findings are a...

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Comments

Great for small employers

0098087 | | Permalink

Great for small employers when we find out that it could cost £250 per employee to put them into a scheme which they can then opt out of and also you have to consider self employed people who work for you as well. What nonsense.

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ireallyshouldkn... | | Permalink

hmm I would have thought a certain % would be staying in as they "cant be bothered" to do anything that involves filling in a form.  Which is of course precisely the idea of the auto-opt in, to capture those sorts of people and force some retirement savings down them, like it or not.  For that the scheme is doing as promised, ie keeping people in out of inertia if nothing else.