Auto-Enrolment Take-Up Rates are Higher than Anticipated - Prepare Now!


Two recent surveys have suggested that Auto-Enrolment rates among larger companies (whose staging date has passed) are significantly higher than anticipated. This should provide an early indication to smaller firms, whose staging dates are still relatively far off, that they must start putting detailed preparations in place now.

A survey of more than 90% of FTSE 100 companies by Towers Watson (featured in Financial Adviser 16.05.13) suggests that pension take-up rates are rising and higher than expected with take-up rates around 90%.

A survey in Pensions Week outlines that Associated British Foods has seen a less than 3% opt-out rate and significant engagement from 1,500 employees auto-enrolled in February, after an extensive awareness campaign and popular default investment strategy.

If your firm has not begun preparing for auto-enrolment then you must start now, even if your staging date appears relatively far off.  For detailed information about your employers' responsibilities, you are urged to contact Mitchell Charlesworth's wealth management department on tel: 0151 255 2300 or email neil.martin@mitchellcharlesworth.co.uk.

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