Auto-enrolment

Baroness Ros Altmann argues that net-pay schemes do not offer value for money for lower paid workers

Uber has confirmed it will automatically enrol eligible drivers into a qualifying pension scheme following its Supreme Court defeat last month.

The government will press ahead with plans to use the “largely untapped pool of capital” in defined contribution (DC) schemes to invest in venture capital and growth equity assets.

Uber drivers have once again won a legal battle to access to workers’ rights including auto-enrolment (AE) pensions, the minimum wage, and paid holidays.

Defined contribution (DC) contributions were scaled back by 11% in the second quarter of 2020 as the impact of the pandemic set in, according to the Office for National Statistics (ONS).

The pensions industry must personalise interventions and auto-enrolment (AE) conversations to prevent members from squandering their pots at retirement age, according to industry experts.

A “legitimate debate and discussion” is needed over future auto-enrolment (AE) contribution rates, says Guy Opperman, and that could take place next year.

The least financially secure pension savers may be increasing their personal debt levels or foregoing household essentials after paying pension contributions, The Investing and Saving Alliance (TISA) says.

Michael Ambery argues that AE faces a potential key fork in its journey, with the government missing a prime opportunity with the Kick Start Scheme, and employers need to step up instead.

The Department for Work and Pensions (DWP) has launched a review to assess the effectiveness of costs, charges and transparency measures in protecting pension member outcomes.