Consumers And Pension Auto-Enrolment - UK - September 2013: Deep Market Research Report


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Biz:Consumers And Pension Auto-Enrolment-UK-September 2013.The true test of auto-enrolment is how SMEs handle the administration of schemes as they approach their staging dates.
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Consumers And Pension Auto-Enrolment - UK - September 2013: Deep Market Research Report

  1. 1. Consumers And Pension Auto- Enrolment - UK - September 2013 The true test of auto-enrolment is how SMEs handle the administration of schemes as they approach their staging dates. There are expectations that opt-out rates will be higher amongst these smaller employers, and that the employers themselves will be ill prepared to deal with the implementation of the scheme. To Read The Complete Report with TOC:- details/consumers-and-pension-auto-enrolment-uk-september- 2013 TABLE OF CONTENT Introduction Abbreviations Executive Summary Consumers and workplace pensions Two thirds of workers have access to a company pension Figure 1: Consumers and company pensions, July 2013 Pension market overview New insurer administered occupational pension business struggling New GPP business grew in 2012 Personal and stakeholder pensions set to suffer further Market factors
  2. 2. October 2012 saw the start of auto- enrolment Early figures indicate that the scheme has got off to a good start The Pensions Regulator is taking a firm approach in assuring compliance Increased longevity is part of the justification for auto-enrolment Ban on consultancy charging ABI members set to disclose fees and charges upfront Clause in the pensions bill could see small firms exempted from auto-enrolment Intermediaries prepare for a busy phase of auto-enrolment Market consolidation is expected in the coming years The consumer Auto-enrolment will help to address the gap in private sector pension provision Figure 2: Type of employer, July 2013 Awareness of auto-enrolment is high among employees Figure 3: Awareness of pension auto-enrolment, July 2013 Less than a fifth plan to opt-out Figure 4: Likelihood of opting-out of auto-enrolment, July 2013 Affordability will be the main driver of opt-outs Figure 5: Reasons for opting-out of auto-enrolment, July 2013 Transferable pensions are attractive Figure 6: Workplace pension preferences, July 2013 Employees crave employers support around pension saving Figure 7: Views about pension auto-enrolment, July 2013 What we think Request Sample Report @
  3. 3. Issues in the Market Will the success of auto-enrolment continue as smaller companies reach their staging date? How can the number of people opting- out be managed? How can providers maintain engagement and keep people enrolled? Are we likely to see compulsory auto-enrolment in the future? Trend Application Auto-enrolment complexities require a considered approach from employers Decline of deference 33% better ways to save Technology will change the way that workers engage with their pensions Market Drivers Key points Auto-enrolment is up and running DWP research shows that opt-out rates are 9% Early stats and figures are encouraging SMEs will mainly rely on NEST But some companies are missing their staging dates The implementation of auto-enrolment will rely on support functions Increased longevity has driven the need for pension reform Figure 8: Life expectancy at 65, 1981-2058 An ageing population is set to put pressure on government finances
  4. 4. Figure 9: Projected size of the UK population, by age band, 2012-56 MPs have called for a new regulator to regulate workplace pensions ABI members set to disclose workplace pension fees upfront About Us: is the most comprehensive collection of market research reports. services are especially designed to save time and money of our clients. We are a one stop solution for all your research needs, our main offerings are syndicated research reports, custom research, subscription access and consulting services. We serve all sizes and types of companies spanning across various industries. With a team of experienced consultants we are committed to serve our clients in a way which increase their efficiency, reduce costs and saves time. Our professional search engine helps you in finding the best and latest market research report with just one click of the mouse. Our database represents the most updates and latest market research report collections form all the leading market research publishers across the globe.
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