Our survey, which was carried out in June 2012 among readers of Employee Benefits magazine and users of www.employeebenefits.co.uk, received 206 responses
KEY FINDINGS
- 85% will use their existing pension scheme for implementing the auto-enrolment reforms.
- 75% know how much auto-enrolment will cost, with 32% saying it will increase costs by 1-9%.
- 34% will introduce auto-enrolment before their staging date.
- 62% offer only a defined contribution (DC) pension, 29% offer both DC and defined benefit (DB) plans and 9% operate a DB scheme only.
- 53% operate a group personal pension plan (GPP) as their organisation’s main scheme, making this the most popular arrangement.
- 66% have a governance structure in place to oversee their default investment strategy and 43% review the investment strategy and aims of their default investment option at least annually.
- 36% say more than 90% of their pension scheme members invest in the default option.
- 78% actively encourage scheme membership and 77% ensure employer contributions are sufficient for staff to have an adequate pension in retirement.
- 24% offer a workplace savings product alongside pensions.
Read more from Employee Benefits Pensions and Workplace Savings Research 2012
Debbie Lovewell-Tuck is a business journalist with 20 years’ experience specialising in pay, reward and HR. She joined Employee Benefits as a reporter in 2003, before becoming editor in 2015. Debbie is also responsible for editorial content across Employee’ Benefits events, including Employee Benefits Live and the Employee Benefits Awards, as well as hosting Employee Benefits’ webinars.View full profile
