Automatic Enrolment: Why it probably won’t give you enough income to retire

My FutureThere’s no doubt that, on the face of it, Automatic Enrolment has been a success, with six million new workers now contributing to a pension and 95% of employers complying with the new rules (Source: BBC, July 2016). However, scratch below the surface and the picture isn’t quite as rosy. A number of factors affect the size of your pension pot, and consequently the income it will provide. These include: The amount you contribute The length of time you pay in for The amount taken out in charges and fees The ...

Auto Enrolment: Millions more now in workplace pensions

Automatic Enrolment_newNew figures have shown that more than six million employees have now been automatically enrolled into workplace pensions. Furthermore, in boost to the scheme, 95% of employers are complying with the new rules. But despite this, there are still concerns that workers are not paying enough into their pensions. Automatic Enrolment is being phased in with smaller employers now needing to comply with the rules. It is widely thought that these micro employers, including those people, who, for example, employ a part-time gardener or nanny, will find it hardest to comply with the ...

Automatic Enrolment: Thousands of small employers successfully comply

Automatic Enrolment_newFor some time now many pension experts have warned that smaller employers may find it hard to comply with complex Automatic Enrolment legislation. However, new figures seem to indicate that these fears may be unfounded. The Pensions Regulator’s latest compliance and enforcement bulletin, shows that 90% of the 12,000 small and micro employers, who have reached their staging date, the deadline for compliance with the new rules, in the summer of 2015, have successfully complied. Automatic Enrolment non-compliance Despite the encouraging figures, the Pensions Regulator also revealed that some employers are still failing ...

Who is ‘Workie’ and why is he important to your business?

Workie 150pxFor the past few years, we’ve had entrepreneurs such as Theo Paphitis, reminding employers that they need to automatically enrol their employees into a work place pension. Clearly some people in Government are worried that the message is not getting through, especially to some smaller employers, hence the launch last night of ‘Workie’, a Sesame Street style character. Although the rules are more complex, in simple terms employers with staff who earn more than £10,000 per year and are over the age of 22 will need to set up a pension ...