Aviva launches pre-review of automatic enrolment
15 June 2016
Aviva, the largest provider of workplace pensions in the UK, has announced it is to start an in depth pre-review of auto-enrolment in advance of the government’s own review in 2017.
The study will consider the impact of AE since launch, the current position and the future of the retirement savings programme as employers and employees approach the first increase in minimum contribution levels. Aviva offers workplace pensions to firms of all sizes, from large corporates to micro-businesses and continues to be actively involved in the AE market as hundreds of thousands of smaller companies begin to approach their staging dates.
The Pre-Review will include a series of events with policy and industry experts, policymakers, employers, and advisers. It will also build on consumer research and analysis Aviva has been carrying out since 2013 in the Working Lives Report.
The Aviva study will cover a range of topics, including:
- Whether AE should be expanded to cover new groups of people (including the self-employed)
- Given the crucial role of employers; what their experiences are and what would help them next
- Whether total minimum contributions should be increased beyond 8% and how the industry can engage consumers and employers to contribute more than the minimum.
Andy Curran, Managing Director, Corporate and Business Solutions at Aviva, said:
“Most people would agree that auto-enrolment has been a great success in getting more people to start saving for their retirement, and our own research shows that around two thirds of employers and employees agree with AE. But we can’t be complacent if we are going to succeed in getting people to save smarter for their retirement. We have to recognise that the amount people are saving is still very low and engagement with pension saving is non-existent for some.
There is a real risk that auto-enrolment has made some people believe the job is done when it comes to preparing for retirement, but in reality it is just the start. By carrying out this in-depth Pre-Review I hope we can take lessons from the story so far to make the future of retirement saving in this country a real success.”
Read more about the pre-review from Aviva.