All Auto-enrolment articles – Page 5
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NewsAE contributions not reaching those most in need
While many employers offer auto-enrolment contributions above the minimum rate, the workers that benefit are seldom those most in need, according to new research from Nest Insight.
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NewsMPs call for AE reforms to be introduced by spring 2023
The Work and Pensions Committee has called on the government to introduce auto-enrolment reforms next spring, while setting up new policy goals to ensure a “new consensus on adequate retirement income” is achieved.
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NewsTPR finds contribution errors in auto-enrolment inspections
On the go: The Pensions Regulator’s automatic enrolment inspections found a “number of errors” in compliance with auto-enrolment, including miscalculation of pension contributions and miscommunication with staff.
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PodcastsPodcast: Webb - Opperman achieved but ‘got sidetracked easily’
Podcast: LCP partner Sir Steve Webb gives his view on Guy Opperman’s time as pensions minister, and discusses under-saving in defined contribution and a local council investment scandal.
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NewsInflation presents ‘considerable risk’ to DC pension pots
Skyrocketing inflation figures pose unique challenges for defined contribution pension schemes as memberships surge to record highs, according to the Pensions Policy Institute’s DC Future Book.
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NewsMajority of low earners cannot afford auto-enrolment contributions
Nearly seven in 10 (69 per cent) of low earners are unable to afford pension contributions due to the cost of living crisis, according to new research from Legal & General Investment Management.
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NewsGuy Opperman removed as pensions minister
The UK’s longest-serving pensions minister, Guy Opperman, has been removed from his post by new prime minister Liz Truss, after five years in the role.
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NewsACA: Early pensions access could encourage people to save
On the go: Younger generations could be encouraged to save more for the long term if they were allowed to dip into their retirement savings early in order to cover urgent, essential expenditure.
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NewsOmbudsman orders law firm to pay thousands in missing contributions
The Pensions Ombudsman has handed a £1,000 fine to a law firm and ordered it to repay thousands more in missing contributions, after it failed to engage either with the affected member or the ombudsman’s office.
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NewsOpperman: 12mn people are under-saving for retirement
Pensions minister Guy Opperman has told MPs that around 12mn people are under-saving for their retirement, accounting for 38 per cent of the nation’s working age population.
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OpinionImpact of the cost of living crisis on auto-enrolment
The Investing and Saving Alliance’s Renny Biggins is calling on employers to help staff consider all options before stopping pension contributions, as the cost of living crisis takes a toll on savers’ finances.
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PodcastsPodcast: Pension tax changes needed to save NHS from ‘rock bottom’
Podcast: Staff shortages and ever-growing waiting lists have left the NHS at “rock bottom”, but the government “has its head in the sand”. Changes to the pensions taxation regime are essential to fix the problem, argues Vishal Sharma, pensions committee chair at the British Medical Association. He is joined by Mark Bondi, council member at the Society of Pension Professionals and senior technical consultant at Capita, to discuss the NHS, the High Court’s retail price index decision, and pension priorities for new prime minister Liz Truss.
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NewsGrime artist Big Zuu encourages pension talk
On the go: Grime artist and TV cook Big Zuu has produced a song and accompanying video calling on people to ‘Pay your pension some attention’, as part of a wider campaign.
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NewsNest Insight emergency savings trial shows ‘very encouraging’ results
On the go: A trial of an opt-out emergency savings scheme has seen “very encouraging” early findings, boasting a 53 per cent participation rate, according to Nest Insight.
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NewsAutomatic savings trialled for those ‘excluded from pensions’
On the go: An automatic savings alternative for those ineligible for auto-enrolment has been trialled by Cushon and the University of Lincoln, leaving almost half (42 per cent) of members feeling more positive about their financial situation.
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NewsProviders take action to prevent reduced pension contributions
Providers have started to take action as more individuals move to reduce pension contributions as a result of the cost of living crisis.
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NewsPPI: More data needed on ethnic groups’ retirement outcomes
On the go: While it is known that people from Pakistani, Bangladeshi, black, and other minority ethnic groups suffer poorer retirement outcomes than the white majority of savers, the data collected does not allow us to properly examine why that is the case, according to the Pensions Policy Institute.
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NewsIncorrect personal data prevents Nest member from opting out
A healthcare company has been told by the Pensions Ombudsman to repay an employee’s pension contributions, after he was unable to opt out due to the employer providing an incorrect date of birth and national insurance number to Nest.
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NewsNumber of savers opting out of pension schemes jumps by 29%
On the go: The number of people opting out of their workplace pension scheme has risen by 29 per cent between March and July this year, according to analysis by pensions provider Penfold.
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NewsCornish housing association pilots ‘living pension’
On the go: A Cornish housing association is piloting a ‘living pension’ scheme for its employees, building on research that suggests some savers’ pension contributions will need to rise to more than double their current rate.