Defined contribution (DC) contributions were scaled back by 11% in the second quarter of 2020 as the impact of the pandemic set in, according to the Office for National Statistics (ONS).
The pensions industry must personalise interventions and auto-enrolment (AE) conversations to prevent members from squandering their pots at retirement age, according to industry experts.
A “legitimate debate and discussion” is needed over future auto-enrolment (AE) contribution rates, says Guy Opperman, and that could take place next year.
The least financially secure pension savers may be increasing their personal debt levels or foregoing household essentials after paying pension contributions, The Investing and Saving Alliance (TISA) says.
Michael Ambery argues that AE faces a potential key fork in its journey, with the government missing a prime opportunity with the Kick Start Scheme, and employers need to step up instead.
The Department for Work and Pensions (DWP) has launched a review to assess the effectiveness of costs, charges and transparency measures in protecting pension member outcomes.
The number of eligible employees saving into a workplace pension rose by one percentage point to 88% between 2018 and 2019, Department for Work and Pensions (DWP) statistics show.
The Pensions Regulator (TPR) used its auto-enrolment (AE) enforcement powers more than 35,000 times in the first quarter of this year, with over 11,000 compliance notices dished out.
Just a minority of Nest members opted out of their pensions in the immediate aftermath of the second phased auto-enrolment (AE) contribution increase, the master trust reveals.
Thousands of the country’s most financially insecure individuals are remaining in auto-enrolled schemes even if it may not be in their best interests to do so, the Institute for Fiscal Studies (IFS) finds.
While furloughed workers are still entitled to pension contributions, Justin Corliss says employers must consider the impact of Covid-19 on their duties.
The Pensions Regulator is anxious to meet the industry’s expectations, but this latest challenge does not come with a manual. Hope William-Smith speaks to David Fairs.
Jon Dean looks at whether the AE system can be adapted to meet low earners’ needs and lower financial resilience.
Furloughed workers will continue to receive pension contributions under the government’s coronavirus job retention scheme, HM Revenue & Customs (HMRC) has confirmed.
The government has said it will “do whatever it takes” to support businesses through the Covid-19 coronavirus crisis, leading to speculation that there could be a short-term change in auto-enrolment (AE) policy.
Four in five of Society of Pension Professionals (SPP) members say the minimum age criterion for auto-enrolment (AE) should be dropped while two thirds also want it expanded to age 75.
The Pensions Regulator (TPR) is carrying out spot checks on the UK’s largest employers to protect savers and ensure staff continue to receive the pensions they are due.
The government must take advantage of its majority to push through further reforms to auto-enrolment, says James Phillips.
The Pensions Regulator (TPR) has fined a former accountant £4,987 after he failed to enrol staff into a workplace pension scheme.
HM Treasury has confirmed that the government will hold its Budget on 11 March.
The Net Pay Action Group (NPAG) is urging the government to deliver on its manifesto pledge to review unfair tax rules in pensions.
Ten master trusts will pay at least 25% of the total general levy despite holding just 2% of assets, according to The People’s Pension (TPP).
Waiting for the mid-2020s to allow AE members to save from the first pound means they will miss out on big boosts to retirement pots, says Nigel Stanley.
Failure to include auto-enrolment reforms in the Queen’s Speech and the pension schemes bill will make big problems even bigger, says Jack Jones.