When you’re a self confessed automatic enrolment geek you tend to keep an ear to the ground on the constant conversations around automatic enrolment.

Some of these conversations happen out loud and in public…there’s plenty written as articles and then released on the inter-web about automatic enrolment

Some of these conversations happen in private. Conversations held in offices, coffee shops and workplaces across the land.

Accountants, payroll bureaus, financial advisers and a wide range of professionals are talking a lot about auto enrolment. Employers are talking about it too and there’s no denying that employees are being nudged into saving for their financial futures when it’s never happened before start to become engaged in talking about their financial futures.

and

There’s the politicians who discuss both the progress made so far and what needs to be done from a policy perspective and suggest changes moving forward.

These discussions generally happen in Westminster and more specifically during the meeting of the Works and pensions committee.

In the last update from the works and pensions committee (published a few days ago on the 15th May) there were some interesting insights into the challenges automatic enrolment face as we move forward into the period of time when it is truly tested…

The recent document looks at a number of issues (you can find the entire document here).

Firstly the report highlights that so far automatic enrolment legislation is working. Millions of individuals are saving more than ever before.

Secondly it highlights the potential danger of selecting a potentially poor pension scheme (something employers and the professionals they work with need to be really aware of) and whilst there is work being done to improve the regulation this is still a ‘work in progress’

and

There were other issues highlighted including how the Lifetime ISA might do damage to the project of automatic enrolment as individuals choose to save into LISA as opposed to their pension scheme (personally I’m not convinced more people will do this and will continue to save through their employers – but only time will tell)

There were also some broader issues relating to awareness, making automatic enrolment easier and cheaper to ensure everyone can comply as well as whether Workie the workplace pension monster has been successful (the general consensus – Workie has raised awareness but maybe there should have been more direct message about the implications of getting automatic enrolment wrong)

There’s no doubt the conversations around automatic enrolment and the regulation surrounding it will, over time, continue to change and develop.

Because of this we’ll continue to keep an ear to the ground and ensure that our clients (both consultancy clients and AE in a Box users) are always aware of how automatic enrolment is
changing and what employers need to do about it…

If you need any help please contact us at info@aeinabox.co.uk or call us on 01708 606 202