Auto enrolment - is it working?
The largest employers staged over a year ago and thousands of SME's are due to follow suit throughout 2014. After one of the largest pension reforms in recent years, the industry has begun to look at the auto enrolment experience to date and how its future will look.
Adrian Boulding, Pensions Strategy Director at Legal & General, recently visited PMI TV to discuss how the auto enrolment landscape looks just over one year in.
PMI TV interview
The interview with Adrian covered a number of topics surrounding auto enrolment to date and the future of auto enrolment and pensions.
Key subjects included the encouraging low AE opt out rates so far, and the potential need to increase mandatory contribution rates or for compulsory membership in future years. Scheme charges were also discussed, particularly around how they can affect a member's eventual pension pot on retirement.
An important topic for SME companies due to stage this year, Adrian suggested the types of schemes that smaller employers could consider to help them gain the economies of scale of larger schemes and keep down costs for their members.