UK - Simplified administration rules have propelled the B&CE EasyBuild stakeholder scheme to the largest in the country with more than 275,000 scheme members.
The construction industry employee benefits provider said simpler administration rules had enabled employees to enrol automatically which had boosted membership by 45% in the past year.
Until February 2003 construction industry employees could only confirm membership of the scheme and receive employer contributions if they returned a signed application form.
However, four out of five new members either failed to fill in the form or mistakenly signed and returned the cancellation form, thus losing out on pension provision.
B&CE has – after discussions with the Inland Revenue – removed the need for the individual application form to be signed. Employees are now automatic members of the stakeholder scheme and receive employer contributions without having to complete an application form.
Deputy chief executive John Jory said: “Simplification of the rules has helped immensely. However, we believe that further simplification of stakeholder administration is necessary to make pensions more accessible and encourage more people to contribute more.”
Most people think it is right that savers take responsibility to protect from pension scams.
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
On balance the asset class is well-positioned for 2019, according to Eaton Vance