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
- 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.