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Clive Grimley comments on the DWP’s statement on the revised timetable for auto-enrolment staging dates

Speaking regarding the DWP’s statement on the revised timetable for auto-enrolment staging dates, Clive Grimley, partner, Barnett Waddingham said:

“Barnett Waddingham generally welcomes the revised timetable, as it means we can now start helping our clients plan for their auto-enrolment duties with a good deal more certainty.

“The longer phasing period is good news for employers as it will help them incorporate the financial implications of the changes over a longer period and will help with costs if recessionary pressures continue in the short term.

“From the employees point of view, they may be less likely to opt out.  However, this change could increase the perception from employees that paying the minimum contribution rates are sufficient.

“It also prompts all parties to watch developments as the timeframe spreads into the next government’s period of office. Could compulsory pensions be a feature in the next election manifestos?

“While the financial impact of the longer phasing period on NEST is unknown, the entrance of new competitors to NEST’s and to the insurers’ marketplace means that we can anticipate re-pricing of current pension arrangements in the lead up to employers’ staging dates.”

If you would like more information please contact Steph Gold or Clive Grimley.