We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

In association with

Home > Regulation > UK Regulation

By Julia Bradshaw | Published Sep 28, 2012

Hundreds of employers already lined up for AE

In the most ground-breaking pensions reform this country has seen in more than 50 years, the Department for Work and Pensions has estimated 600,000 more people will be saving into a workplace pension by the end of the year, rising to 4.3m by May 2015.

The National Employment Savings Trust is currently working with more than 200 employers who have chosen Nest to provide a workplace pension for their employees.

More than 170 of these are already participating in Nest voluntarily, while more than 30 who are not part of the volunteer scheme will use Nest to help meet their duties under the new regulation

Among those companies, 60 are large employers, who would have staging dates within the next few months

Nest was not able to reveal the names of the companies that will use the scheme, but has confirmed that they vary from the smallest firms to large employers, with some employers relying solely on Nest and others combining it with other schemes.

Scottish Widows is one such provider. Its auto-enrolment platform will offer employers who need to segment their employees an option to choose The People’s Pension from B&CE or Nest.

NOW: Pensions has also won a number of mandates from companies, many of whom are already participating in the NOW: Pensions Trust.

Chief executive Morten Nilsson, said the company also has a number of large employers with staging dates in the first quarter of 2013, with between 10,000 and 50,000 employees, either signed up or awaiting signature.

He said: “We have a number of live schemes and we are in active discussions with an ever increasing number of employers of varying sizes, including ISS UK. We recently announced that we will be providing an auto enrolment pension for all eligible employees within its workforce of 42,500 people across a number of payrolls with different frequencies. Its staging date is January 2013.”

Some of the other companies include Investment & Pensions Europe, ISS UK, Originem, Retail Data Partnership, Fixed Rent, Gavdi, Fizz Accounting, Bath Asu and Aspire Design.

Mr Nilsson said: “The simplicity of our auto-enrolment proposition facilitates all sizes of employers to join the NOW: Pensions Trust. We already have a large range of different clients signed up to the Trust, including large companies, medium sized companies and small and micro companies with as little a 2 employees.”

NOW: Pensions is in talks with large life companies and is to announce partnerships with these “in due course”, Mr Nilsson said.

Allan Maxwell, director of Glasgow-based Corporate Benefits Consulting, said many employers he speaks to “look completely blank” when he mentions auto-enrolment.

He said: “At the smaller end there is a complete lack of knowledge. The larger SMEs are a little more aware, but the general feeling is that many are putting their heads in the sand waiting till the last minute before engaging.

Page 1 of 2

visible-status-Public story-url-Auto-enrolment launch web 26.9.12 400 JB.xml

Most Popular
More on FTAdviser