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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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UK employers not ready for 2013 auto-enrolment

Almost a third of businesses who have a staging date for auto-enrolment in the first half of 2013 are unprepared for the requirement to enrol their staff into workplace pensions.

32% of the 300 employers questioned by HR consultancy Mercer revealed that they have yet to finalise the design of their scheme, while a further 15% argued that they haven’t selected the type of pension plan they will offer.

42% of employers who will begin auto-enrolment in 2013 argued that they would opt for a contract-based pensions scheme.

Unbundled trust arrangements (where investment and administration are supplied by different providers) were the plan of choice for 20% of employers, while 9% argued that they will select a master trust, such as NEST (National Employment Savings Trust).

Rachel Brougham, head of Mercer's auto-enrolment group, said: “Experience shows the implementation stage of auto-enrolment to be the key challenge, so those not yet decided on their strategy will have their hands full in the coming months.”

The Department for Work and Pensions (DWP) estimates that 380,000 workers will be signed up to a workplace pension as a result of auto-enrolment in October. This will grow to 420,000 in November and 600,000 by the end of the year.

Speaking about his hopes for auto-enrolment, Steve Webb, Minister for Pensions, said:

“We are proud to be introducing this truly historic change, which will radically alter the way we save for our old age, and see millions more people putting something aside for the future.”

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