Secondsight supports re-enrolment second chances
October 2015 marks the three-year anniversary since automatic enrolment launched in the UK, and the country’s largest employers enrolled eligible staff into a pension. It seems like only yesterday, and time certainly has ‘flown by’.
A lot has been made of the success so far of automatic enrolment and there is plenty to be positive about – particularly the low opt out rates. However, what we need to remember is that over half a million have chosen not to take up their employer’s offer.
Three years on, the re-enrolment process has begun. This is the time when employers must re-enrol workers who – originally – opted out; touted as a ‘second chance’ to save in to a pension. There is no doubting the impact this is likely to have, and I would hope these organisations are prepared. Indeed they need to continually assess their workers, but some companies may experience a large tranche of employees who need to be re-enrolled.
There are a number of steps that businesses will need to follow, and failure to respond properly could result in potential fines. They should consider what did and didn’t work first time around. Now is the perfect time for organisation’s to assess what they already have in place, and if they are comfortable with their support levels. It is also the perfect time for employers to reconnect with employees and communicate the details and benefits of joining their company pension scheme.
At Secondsight we are supporting organisations with the communication of their pensions and benefits and offering a ‘health check’, to ensure what they have in place is offering the best levels of support.