Commenting on the findings of the Employers’ Pension Provision Survey issued today Helen Morrissey, personal finance specialist at Royal London said:
"These findings demonstrate the positive impact of auto-enrolment on workplace pension saving. The findings show that in 2017 41% of private sector organisations had an open workplace pension scheme to which they were contributing. These organisations employ 87% of all private sector employees. This is a massive increase from 2013 when just 63% of private sector employees were covered by 10% of private sector firms."
“There is further cause for celebration in that opt out rates remain consistently low at around the 9% mark – far lower than the industry’s initial predictions at the start of auto-enrolment."
“However, while the report shows high levels of awareness among large, medium and small employers it also demonstrates there is still work to be done in terms of raising awareness among micro-employers. One-third (33%) were unsure whether they had passed their staging date or not and there was also uncertainty around details such as minimum contribution rates. This could be because many of these micro-employers have little experience of offering pensions to their staff and it is clear such employers will need support."
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For further information please contact:
Helen Morrissey, Personal Finance Specialist
- Email: email@example.com
- Tel: 0203 725 725
- Mob: 07919 170 712
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.