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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