HC 581 - Automatic Enrolment to Workplace Pensions

Download or read book HC 581 - Automatic Enrolment to Workplace Pensions written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by The Stationery Office. This book was released on 2016-01-27 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the introduction of automatic enrolment in October 2012, almost all larger employers have enrolled their workers in a workplace pension, thereby increasing the number of people saving for retirement. Employer compliance has been high and the proportion of people choosing to opt out from automatic enrolment has been lower than expected. The Department for Work & Pensions, the Pensions Regulator and the National Employment Savings Trust and other pension providers are now facing the more difficult task of supporting 1.8 million small employers through automatic enrolment. They will need to monitor the experiences of small businesses-including 900,000 employers with only 1 or 2 employees-and minimise administrative burdens, while also ensuring that increased enrolment translates into adequate incomes in retirement. We will be returning to this subject, which is of vital importance to both employees themselves and to future governments as they plan for pensions, and we have asked the Department to update us on progress over the next 12 months