At the pensions seminar held at London Zoo, 19 May, hosted by Jelf Employee Benefits, the headline speaker Steve Webb MP, Minister for Pensions welcomed views from the audience.
The seminar was held to explain and discuss the current main drivers of change in pension legislation including the introduction of automatic enrolment.
There are more changes being proposed for pensions than at any other time in recent history. A voting system was in place to elicit the views from the audience on their understanding of these changes and how prepared they are*. Headline figures show that:
- The vast majority of employers (92.1%) believe that automatic enrolment will be good for employees. 49.4% believe it will be good for the employer
- Most (63%) believe that NEST will be complementary to their existing pension, rather than in competition
- 29.5% of employers are aware of their staging date for automatic enrolment and are prepared.
- 95% felt they would be prepared by the date of automatic enrolment
- 52.2% felt their voices were now being heard
Minister for Pensions, Steve Webb, said: “We want to reinvigorate private pensions, and automatic enrolment will help millions of people to save, many for the first time. I am pleased that many employers agree with us that this is a positive thing for their staff.
“We are also committed to help employers through this transition. That’s why our Pensions Bill includes measures that will reduce the burden on businesses.”
The results show that most employers are not prepared for auto-enrolment. Steve Herbert, Head of Benefits Strategy for Jelf Employee Benefits said: “Employers need help in understanding the pensions changes and the implications for them. Although most told us they feel confident that they’ll be ready when the time comes, we know they will need help in getting there. We’re seeing employers trying to get things in place now, and they see how much there is to do, we urge employers to start getting prepared earlier rather than later.”
*165 companies took part in the research. The majority of organisations represented ranged from 50-1,000 employees.