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More than three quarters of employers think that auto-enrolment pension contributions should be increased, according to research by Jelf Employee Benefits.
Employers operating auto-enrolment workplace pension schemes are required by law to pay a minimum of 1% into employees' pension pots. This is due to rise to 2% from 1 October 2017 and 3% from 1 October 2018.
However, the research reveals that the majority of employers think this should rise further. The survey of 200 HR and finance experts found that 76% want minimum contribution rates to increase. Just 15% thought that no increase was needed.
The research found:
Steve Herbert, head of benefits strategy at Jelf, said:
"Frankly, we were a little surprised at these results. Many employers are yet to reach their staging date for auto-enrolment, and a significant proportion of those who have already staged are not yet at the full contribution rate. It is therefore somewhat surprising that employers appear so supportive about a further increase to their pension contribution costs already."
Employer's staging date | Employer minimum contribution | Total minimum contribution |
To 30 September 2017 | 1% | 2% |
1 October 2017 to 30 September 2018 | 2% | 5% |
1 October 2018 onwards | 3% | 8% |
Are you preparing for your staging date? Contact us for assistance.