AUTOMATIC ENROLMENT

Automatic enrolment is showing early signs of being a real policy success. 7 million new savers have been drawn into pension saving and the majority of these new savers are saving into master trusts within PLSA’s membership. Within a few short years we have turned around the decline in workplace pension membership and are on the way to rebuilding and enhancing the UK’s workplace pension framework.

Despite this excellent start, there is much more to do. The 2017 review of automatic enrolment is an opportunity to take stock and also look to the future. So far automatic enrolment has been a success but there are major challenges ahead with both staging and phasing yet to be completed.

The DWP’s statutory review of automatic enrolment is looking at five areas, coverage, engagement, contributions, the charge cap and technical operation of the policy. The PLSA is engaging with the DWP and the advisory group in order to ensure that the voices of pension schemes are heard by Government. Our response to the initial review questions is below, in which the Association argues for an increase in statutory minimum contributions to 12 per cent of band earnings over the medium term.

The Pensions and Lifetime Savings Association offers web based guidance for employers on automatic enrolment, find out more.

Tim Gosling

Tim Gosling
Policy Lead: DC

 

RELATED DOCUMENTS
Documents

2017 Review of Automatic Enrolment: PLSA response

22 March 2017

Automatic enrolment is working well but there is much to do to ensure that the policy reaches its full potential. We are pleased to be responding to...


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Documents

Retirement Income Adequacy: Generation by Generation

24 November 2016

Retirement Income Adequacy: Generation by Generation’ reveals that automatic enrolment will deliver a real improvement in the retirement outcomes of millions of people in the UK, but there is still room for improvement. This research finds that, of the 25.5 million people in employment...


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Documents

Retirement Income Adequacy: Generation by Generation. Appendix Methodology

24 November 2016

This appendix provides more detail on the methodology employed within the PLSA report Retirement Income Adequacy: Generation by Generation. Specifically it examines: The process to segment the Wealth & Assets Survey (WAS) dataset; and...


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Documents

Better workplace pensions: Reducing regulatory burdens, minor regulation changes, and response to consultation on the investment regulations

01 December 2015

The Association believes that significant gains could be achieved by reforming regulation which would allow trustees to focus on their primary purpose: ensuring members get the best possible retirement outcomes. While some of the issues outlined below demand overarching change, many require...


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Documents

Response Technical changes to automatic enrolment 2016

12 February 2016

The Pensions and Lifetime Savings Association is supportive of the Government’s efforts to make automatic enrolment simpler..


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TPR consultation on AE scheme list – an NAPF response

04 December 2014

The Pensions Regulator held a short consultation which ended on 1 December 2014, on their plan to publish a...


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DWP consultation ‘Automatic enrolment earning thresholds review and revision 2015/6’ – an NAPF response

25 November 2014

The NAPF has responded to the DWP consultation ‘Automatic enrolment earnings thresholds review and revision 2015/16’, to consider the income threshold it is appropriate to...


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OFT: Defined Contribution workplace pension market study: NAPF response

31 October 2013

The NAPF has responded to the Office of Fair Trading’s (OFT) consultation on whether it should make a Market Investigation Reference based on the concerns it has on the DC landscape and its impact on consumers...


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Documents

Automatic enrolment one year on

17 October 2013

It has been a year since automatic enrolment was launched. It is the biggest pension reform in a generation and will change the workplace...


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Documents

DWP consultation on technical changes to automatic enrolment – an NAPF response

17 May 2013

The NAPF has responded to the Government’s consultation on technical changes to auto enrolment. It is important that small and medium sized employers are...


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