Biz:Consumers And Pension Auto-Enrolment-UK-September 2013.The true test of auto-enrolment is how SMEs handle the administration of schemes as they approach their staging dates.
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Consumers And Pension Auto-Enrolment - UK - September 2013: Deep Market Research Report
1. Consumers And Pension Auto-
Enrolment - UK - September 2013
The true test of auto-enrolment is
how SMEs handle the administration
of schemes as they approach their
staging dates. There are expectations
that opt-out rates will be higher
amongst these smaller employers,
and that the employers themselves will be ill prepared to deal
with the implementation of the scheme.
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details/consumers-and-pension-auto-enrolment-uk-september-
2013
TABLE OF CONTENT
Introduction
Abbreviations
Executive Summary
Consumers and workplace pensions
Two thirds of workers have access to a company pension
Figure 1: Consumers and company pensions, July 2013
Pension market overview
New insurer administered occupational pension business
struggling
New GPP business grew in 2012
Personal and stakeholder pensions set to suffer further
Market factors
2. October 2012 saw the start of auto-
enrolment
Early figures indicate that the scheme
has got off to a good start
The Pensions Regulator is taking a
firm approach in assuring compliance
Increased longevity is part of the
justification for auto-enrolment
Ban on consultancy charging
ABI members set to disclose fees and charges upfront
Clause in the pensions bill could see small firms exempted from
auto-enrolment
Intermediaries prepare for a busy phase of auto-enrolment
Market consolidation is expected in the coming years
The consumer
Auto-enrolment will help to address the gap in private sector
pension provision
Figure 2: Type of employer, July 2013
Awareness of auto-enrolment is high among employees
Figure 3: Awareness of pension auto-enrolment, July 2013
Less than a fifth plan to opt-out
Figure 4: Likelihood of opting-out of auto-enrolment, July 2013
Affordability will be the main driver of opt-outs
Figure 5: Reasons for opting-out of auto-enrolment, July 2013
Transferable pensions are attractive
Figure 6: Workplace pension preferences, July 2013
Employees crave employers support around pension saving
Figure 7: Views about pension auto-enrolment, July 2013
What we think
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3. Issues in the Market
Will the success of auto-enrolment
continue as smaller companies reach
their staging date?
How can the number of people opting-
out be managed?
How can providers maintain
engagement and keep people
enrolled?
Are we likely to see compulsory auto-enrolment in the future?
Trend Application
Auto-enrolment complexities require a considered approach
from employers
Decline of deference 33% better ways to save
Technology will change the way that workers engage with their
pensions
Market Drivers
Key points
Auto-enrolment is up and running
DWP research shows that opt-out rates are 9%
Early stats and figures are encouraging
SMEs will mainly rely on NEST
But some companies are missing their staging dates
The implementation of auto-enrolment will rely on support
functions
Increased longevity has driven the need for pension reform
Figure 8: Life expectancy at 65, 1981-2058
An ageing population is set to put pressure on government
finances
4. Figure 9: Projected size of the UK
population, by age band, 2012-56
MPs have called for a new regulator to
regulate workplace pensions
ABI members set to disclose
workplace pension fees upfront
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