Many firms 'support extension of pensions auto-enrolment', CBI finds

22 Jul 2019

Research carried out by the Confederation of British Industry (CBI) and insurer Scottish Widows has revealed that many UK businesses would like to see the pensions auto-enrolment scheme made available to more workers.

According to the research, 74% of firms would like pensions auto-enrolment to be extended to the self-employed and those earning less than £10,000.

The research also suggested that the auto-enrolment scheme is 'well understood'. Just 7% of businesses 'struggle to understand their auto-enrolment duties', and only 16% 'have difficulty understanding how to assess employee eligibility'.

A further 71% of businesses believe that employers will need to make higher contributions to auto-enrolment schemes in order for their employees to have 'sufficient levels of retirement income'.

Commenting on the research, Matthew Fell, Chief UK Policy Director at the CBI, said: 'More people are saving into a pension than ever before, and businesses believe that auto-enrolment has been a run-away success that must be built on.

'If we're to get even more people into the habit of saving, then auto-enrolment must be extended to the self-employed and more of those holding down multiple jobs.

'Working together, businesses and the government can set a path that continues to boost the number of workers saving for their retirement and the amount that they are saving.'

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2019 Penn Management Services. All rights reserved. | Company Number: 03655701

Penn Management Services, 1 & 2 Heritage Park, Cannock, Staffordshire WS11 7LT
We use cookies on this website, you can find more information about cookies here.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Allied World Assurance Company (Europe) Limited, of 20 Fenchurch Street, 18th and 19th Floors, London EC3M 3BY. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of Amercia or Canada.

We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C008875364.