Auto enrolment update

AS Pension & Investment Advice

AUTO ENROLMENT BLOG UPDATE

Auto enrolment started in October 2012 so we are now 2 years into the process. As we move through it, medium and smaller employers are now coming up to their staging dates.

Having now seen a number of our clients through the process here are some tips for those businesses approaching auto enrolment:

• Auto enrolment was intended to improve the uptake into pension schemes and it has been a great success in meeting this aim.

• The initial estimates were that opt out rates would be 30-35%. In fact the overall opt out rate for all businesses that have auto enrolled so far is around 10%.

• That is good, but we have seen some employers rather hopefully budgeting on the basis that they would have an opt out rate of 30% or more whereas in practice 10%, even for smaller businesses, is more likely.

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About Phil Morrice

Phil is a Partner at Alexander Sloan. He specialises in providing services to RSLs and commercial businesses and divides his time between our Glasgow and Edinburgh Offices.
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