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CIPD predicts that auto-enrolment could increase by 30%

The number of workers auto-enrolled into a workplace pension could soar by 30% if those not currently saving under their scheme remain opted-in when their staging date comes around.

A survey by the Chartered Institute of Personnel and Development (CIPD) revealed that 62% of more than 2,000 employees surveyed plan to stay opted in when they are auto-enrolled, despite the fact that they aren’t currently saving.

The CIPD forecasts that if the rest of the UK’s workforce takes this measure then the overall percentage of those in a workplace pension could increase from 52% to 82%.

The report, entitled Labour Market Outlook: Focus on pension auto-enrolment, also argues that despite workers enthusiasm for the roll out of auto-enrolment, just 51% of employers have looked beyond legal compliance and taken measures to ensure their pension arrangements meet the needs of the businesses and employees.

Commenting on the figures, Charles Cotton, CIPD rewards adviser, said: “It looks likely that automatic pension enrolment will significantly boost the numbers of employees saving for their retirement.

“Given that the cost of pensions is a major business outlay for most employers, it is somewhat disappointing that so few have started collecting data to assess the impact that these reforms may have.”

The research also revealed employers’ views on the potential impact of auto-enrolment on their organisations. While 49% predict it will have no impact, 26% of organisations have already started to collect data to measure and evaluate the impact, while 20% have no intention of doing so.

The Department for Work and Pensions forecasts that by May 2014, 4.3 million people will have signed up to a workplace pension as a result of auto-enrollment.

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