Legal & General enrol 250,000 new members
Auto enrolling over 250,000 new members into pension schemes for some of the biggest names in British business, including: Marks & Spencer, Barclays, National Trust, SERCO, ASDA, Thales, Ladbrokes, Arcadia, University of Nottingham, The Co-operative and Alliance Boots.
Workplace Savings Managing Director, Tony Filbin comments:
"We set out to deliver a straightforward, effective auto enrolment process, and the early results show this is working well. We are delighted to have delivered so many successful new pension scheme members in such a short time. Many of our clients are large employers who were the first to reach their auto enrolment staging dates.
Over 90% of eligible staff in the schemes that have completed staging chose to remain in their company pension, a solid endorsement of the quality of the schemes offered. Our Workplace Savings business is set to more than treble in size by the end of the auto enrolment programme, following our significant investment in straight through processing and online tools."
Meanwhile, with expected new joiner numbers likely to exceed previous indications, Pensions Minister Steve Webb says:
"Automatic enrolment has ushered in a truly historic change, allowing millions of employees to save more for the future or contribute to a pension for the first time. I am encouraged by what I hear from employers and pension providers about the impact of our reforms in creating a new savings culture."
For more information or guidance on meeting your auto enrolment obligations, please speak to your Corporate Account Manager for more information.