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Auto-enrolment: What does it mean for employees?

Watch a video about auto-enrolment. What does it mean for employees? In a nutshell, it means pension coverage for minimal effort. Those that meet the eligibility criteria will be automatically enrolled, and they won’t have to do anything to trigger this. The design of the default strategy means that they won’t have to make any investment decisions, which can be an anxious thought for those who don’t know anything about the investment world. Employees won’t have to keep track of multiple small pots as they’ll have one pot in the auto-enrolment system that stays with them as they move from job to job. Auto-enrolment will ensure that employees are saving for their future. The eventual overall contribution level of 14% is higher than the minimum contribution rates in other countries, and this is to ensure that employees are saving enough for their retirement. The benefits paid from the auto-enrolment scheme will be in addition to any State Pension entitlements, so it’s an extra boost for your retirement. Employees will be able to view their savings at any time on the online portal. This means that you’ll be able to see how much you’ve already saved. It will also give you a sense of ownership over your savings, which is important because your savings will be yours and will be protected by property rights. Here are the main benefits of auto-enrolment for employees, and although I’ve discussed some of them already it’s important to highlight them again. Auto-enrolment will give employees more money when they retire. This will be helped by the boost of the employer and State contributions in addition to an employee’s own contributions. Investing these contributions will help your money go further. Your pot will follow you from job to job, so you won’t have to worry about keeping track of multiple pots from multiple employments. And lastly, the predicted large number of participants, means that the scheme will have better purchasing power, and can keep fees and costs low over time.