DWP publishes definitive auto-enrolment timetable
by Gill Montia
The Department for Work and Pensions has today published a new timetable clarifying auto-enrolment starting dates for employers of all sizes.
Automatic enrolment will begin in October 2012 and all existing firms will need to have enrolled their staff by April 2017, followed by all new employers by February 2018.
Also today, new research from the Association of British Insurers (ABI) confirms that benefiting from employer contributions remains the single biggest reason for people to stay auto-enrolled.
Forty seven per cent of respondents were happy to remain “opted in” because they will benefit from employer contributions, while 14% were keen to benefit from the tax relief on their contributions.
The ABI’s study also indicates that just over one half of people not already in a company pension scheme will remain “opted-in”, with a further 30% as yet undecided.
The ABI’s director of life, savings and protection, Maggie Craig, comments: “Around half of workers are either not saving into a pension or not saving enough, so auto-enrolment will give many people the much needed nudge to save for their retirement and break the ‘savings stalemate’.”