Workers are now saving more than ever thanks to auto enrolment
Automatic enrolment has already has a positive impact on not only the number of employees saving into pension schemes but also the amount they are saving.
The Scottish Widows Retirement Report how shown that 53% of workers are now saving towards retirement – an increase of 8% on last year.
The average percent of earnings saved into pensions has also risen to 11.6% – well above even the long-term minimum requirement of 8%.
Ian Naismith, pensions expert at Scottish Widows, commented:
“It is heartening to see that finally people are starting to sit up and take notice of the importance of planning for the future – whether this be through proactively upping their contributions due to a more favourable economic climate, or starting to make plans for their retirement for the first time thanks to auto-enrolment.”
This research shows the importance that employees are now placing on saving into pension schemes which means ensuring you have an automatic enrolment scheme in place sooner rather than later can be a critical difference in attracting employees to your business.
Preparing now can ensure you don’t miss out on your automatic enrolment opportunity and don’t lose employees to rival companies who are already offering attractive pension schemes to employees.
Speak to an IRIS advisor on 0344 815 5677 to see how you can start your automatic enrolment journey today.