Auto enrolment proves popular with workers

Kashflow logo
3

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...

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

Nick Huber
Freelance journalist
Share this content

Replies

Please login or register to join the discussion.

By 0098087
01st Oct 2013 14:47

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.

Thanks (0)
01st Oct 2013 17:17

.

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. 

 

Thanks (0)
11th Oct 2013 13:54

Really that surprising?

That'll be because of this....

http://www.ted.com/talks/dan_ariely_asks_are_we_in_control_of_our_own_decisions.html

Thanks (0)