In spring this year we conducted a survey with clients of Evans Weir to find out what they understand about the auto-enrolment scheme. Firstly, thank you to all those who participated in the survey – your input was much appreciated. As you are probably aware the auto-enrolment pension scheme has come into effect for larger organisations, and the staging date for smaller businesses is imminent.
Interestingly, despite the importance of the auto-enrolment pension scheme, of the clients asked in the survey, 60% had little knowledge on the subject. This could be indicating that interest in the new pension scheme is low. This is also an indication that clients are not as prepared for the new scheme as they should be. Two thirds of the clients asked in the survey have not started to prepare for the introduction of the scheme despite 80% knowing the date it will come into effect.
It is important that both employers and employees are aware of the auto-enrolment pension scheme and have a full understanding as it will affect both. The survey conducted indicated that employers were unsure how knowledgeable their employees are on the new auto-enrolment scheme.
The survey also indicated that a number of clients would be interested in gaining some external assistance in the understanding of the new scheme. Evans Weir would be delighted to offer this service as well as advice about the auto-enrolment pension scheme to any clients.