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Autoenrolment

Displaying items by tag: Autoenrolment

Thursday, 18 June 2020 12:35

Self-employed miss out on workplace pension boom

Millions more are making use of workplace pensions

Almost 9 in 10 of eligible employees (88%, 19.2m people) have saved for retirement through their workplace pension: an increase from 55% in 2012 when automatic-enrolment began, DWP figures have said.

However, pension participation among self-employed people continued to fall from 21% in 2009/10 to 14% in 2018/19.

The annual total amount saved for eligible employees was £98.4bn in 2019, an increase of £5.3bn from 2018.

£40.5bn was saved into public sector schemes (41%), with £57.9bn (59%) saved into private sector schemes.DWP data from December 2019 showed 5.44m people were employed in the public sector (16%) compared to 27.55m (84%) people in the private sector.

Following the release of the data, Hargreaves Lansdown shared concerns about the pension savings figures for the self-employed.

Nathan Long, interim head of policy at Hargreaves Lansdown said: “The self-employed continue to be precariously placed with just a handful choosing to save into a pension, showing the existing incentives just don’t resonate. The Government will also be acutely aware that 41% of all pension contributions go to public sector employees that represent less than a fifth of all workers.”

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Monday, 15 June 2020 12:23

TPR hands out 115,000+ auto-enrolment penalties

The Pensions Regulator has so far issued 115,459 auto-enrolment fixed penalty notices since the start of the workplace pension scheme in 2012.

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Wednesday, 17 July 2019 12:34

TPR warns it will target 'rogue' advisers on auto-enrolment

The Pensions Regulator says it will target 'rogue' advisers after uncovering evidence that some are helping employers change identity to avoid their auto-enrolment obligations.

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Monday, 13 May 2019 12:34

Now Pensions applies for master trust authorisation

Now Pensions has revealed it has submitted an application for master trust authorisation to The Pensions Regulator (TPR).

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Monday, 08 April 2019 09:37

Increase in auto-enrolment cushioned by tax changes

Pension savers will now be putting away more in their pots as part of an increase in auto-enrolment minimum contributions from 5% of qualifying earnings to 8%.

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Monday, 01 April 2019 11:41

Pension savers short-changed £40k by auto enrolment 'quirk'

Savers could be short-changed by as much as £40,000 unless changes are made to the way auto-enrolment minimum contributions are calculated.

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Tuesday, 11 September 2018 15:15

ABI launches ‘Love Your Pension’ campaign

The Association of British Insurers (ABI) has launched a new campaign urging younger workers to “Love Your Pension”, as part of the industry’s commitment to auto-enrolment.

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Friday, 07 September 2018 12:39