UK - Take-up rates for occupational pension schemes are plummeting, a new survey shows.
The number of companies with take-up rates of 80% or more has fallen from just under half to less than a third, Origen’s employee benefit study reveals.
Origen – created when Aegon UK merged five of its wholly-owned IFAs – said its study also showed that only 40% of firms now offered staff a final salary pension, compared with 57% in 2003.
Origen pension specialist Mark Stopard said: “Poor employee take-up of existing pensions is as worrying as firms closing schemes. This situation could be rectified if more companies ran an opt-out policy for their pension scheme but currently 68% still expect employees to opt-in to a scheme.”
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.