For while giving access to funds might win some votes from those retiring soon, the biggest problem facing most people is under-provision for retirement. Pension freedoms might make saving more attractive, but most will still need a ‘nudge’ into action.
This is what auto-enrolment is all about. We’re now at about the half way point, with 30,000 of the largest firms staged in and 5m employees having been enrolled over the first three years of a six-year rollout.
Millions more are saving independently for retirement, which can only be a very good thing indeed.
We are now entering the critical phase. Hundreds of thousands of smaller employers with less personnel support are being phased in over the coming two years, while employee contributions will quintuple over the next three.
Whether the industry can maintain currently low opt-out rates will be a key test. This could also be a lucrative period for advisers in the space - or at least, those that have decided it is worth the hassle hanging around.
Looking at the lessons from those staged in already, issues facing smaller schemes and the position for various consumer demographics, this special report will provide a comprehensive half-time analysis and key reading on the progress of this landmark reform.
This special report is sponsored by Creative Auto-Enrolment. All editorial is independent.