When it comes to the generosity of employer contributions for auto enrollment, workers in the South sppear to have won the postcode lottery.
Research NOW: Pensions conducted with 450 small and medium sized companies across the country in March found that just 5% of firms in the North intend to pay more than the minimum employer contribution for auto enrollment compared to 11% of firms in the South and 6% of companies in the Midlands.
The main reason why 44% of firms in the North intend to pay the minimum, is because their main focus is on ensuring they comply with the auto enrollment legislation cited by nearly half of those questioned.
But, while auto enrollment might feel like a burden, there are real advantages to approaching it as an opportunity.
In September last year we spoke to 2,000 people about the rewards and benefits that are of greatest importance to them when they are job hunting.
While holiday entitlement was top of the list, the quality of the pension came a close second with high employer contributions viewed as the most important feature.
Of all companies that intend to contribute more than the minimum, over half haven’t decided how much more they’ll contribute while nearly a quarter intend to contribute 1% more than the legislative minimum.
While 1% might seem like a modest figure, over time it could equate to an additional £51, 338 in the pension pot of someone on an average UK salary.
In other words, a little can go a long way.
Research NOW: Pensions conducted with 450 small and medium sized companies across the country in March found that just 5% of firms in the North intend to pay more than the minimum employer contribution for auto enrollment compared to 11% of firms in the South and 6% of companies in the Midlands.
The main reason why 44% of firms in the North intend to pay the minimum, is because their main focus is on ensuring they comply with the auto enrollment legislation cited by nearly half of those questioned.
But, while auto enrollment might feel like a burden, there are real advantages to approaching it as an opportunity.
In September last year we spoke to 2,000 people about the rewards and benefits that are of greatest importance to them when they are job hunting.
While holiday entitlement was top of the list, the quality of the pension came a close second with high employer contributions viewed as the most important feature.
Of all companies that intend to contribute more than the minimum, over half haven’t decided how much more they’ll contribute while nearly a quarter intend to contribute 1% more than the legislative minimum.
While 1% might seem like a modest figure, over time it could equate to an additional £51, 338 in the pension pot of someone on an average UK salary.
In other words, a little can go a long way.
