Beyond Auto-enrolment: How can the government minimise pension opt-outs?

Beyond Auto-enrolment
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Date(s) - 29/01/2014
8:30 am - 10:30 am

Holborn Bars

The launch of brand new research on workers who transition out of workplace pension saving.

Speakers at this event include:

  • Steve Webb MP, Minister for Pensions
  • Jackie Hunt, Chief Executive, Prudential UK & Europe
  • Dr Mark Bryan, Senior Research Fellow, Institute for Social and Economic Research (ISER), University of Essex
  • James Lloyd, Director, Strategic Society Centre
  • Chair: Norma Cohen, Financial Times
  • Others tbc.

Twitter hashtag: #beyondAE

Historic changes to UK workplace pension saving were launched in 2012. The ‘auto-enrolment’ reforms will complete their staged implementation in 2018, and are built on three key policy interventions to address access to a workplace scheme, incentives and inertia.

However, although early data has been encouraging, policymakers have long known that some workers would opt-out of their workplace pension scheme following auto-enrolment.

With the end of implementation now in sight, and the first waves of ‘opt-outs’ failing to build up pension pots, the time is right to explore how the government can minimise withdrawal rates and what policy interventions may be required beyond auto-enrolment.

Following the 2011 publication of ‘Who Saves for Retirement?’, this event will see the launch of a brand new phase of this research, investigating what drives withdrawal from pension saving and the characteristics of ‘eligible non-savers’.

The research uses data from the UK Wealth and Assets Survey (WAS), and has been undertaken by the Institute for Social and Economic Research (ISER) and the Strategic Society Centre, with the support of Prudential.

The event will explore:

  • Why do workers stop saving into a workplace pension?
  • What are the distinctive characteristics and attitudes of those who withdraw from their employer’s pension?
  • What policy interventions should the government pursue to minimise opt-out rates before and after 2018?

This event is free and open to all; however, registration is required. If you would like to attend, please register here.

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