Government changes auto-enrolment timetable - NAPF comment

The National Association of Pension Funds (NAPF) reacted to the Government announcement today (Mon) of changes to the timetable for auto-enrolment into a workplace pension.

Joanne Segars, NAPF Chief Executive, said:

“It’s welcome that auto-enrolment is still starting in 2012 and it’s also a relief that all employers will be covered one day, regardless of their size.

“But we’re disappointed by the further delay for smaller firms. When it comes to pensions, the Government should have stuck to Plan A. These reforms have been a decade in the making, and now is the time to press play, not pause.

“Small businesses are absolutely critical to making these reforms work, because their staff are the least likely to have a workplace pension.

“This decision also risks creating competitiveness issues where small firms are competing with larger companies who are going ahead with auto-enrolment.

“Businesses will quite rightly be wondering how much faith they can have in the system, and whether more changes are in the pipeline.

“The Government needs to restore some trust in these hugely important changes. The UK simply isn’t saving enough for its old age, and we have to get these reforms right.”

Notes to editors:

The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.

Contacts:

Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683. [email protected]

Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]