- 22nd July 2019
- Posted by: Suzy Hill
- Category: Business News
Many firms ‘support extension of pensions auto-enrolment’
Research carried out by the Confederation of British Industry (CBI) and insurer Scottish Widows has revealed that many UK businesses would like to see the pensions auto-enrolment scheme made available to more workers.
According to the research, 74% of firms would like pensions auto-enrolment to be extended to the self-employed and those earning less than £10,000.
The research also suggested that the auto-enrolment scheme is ‘well understood’. Just 7% of businesses ‘struggle to understand their auto-enrolment duties’, and only 16% ‘have difficulty understanding how to assess employee eligibility’.
A further 71% of businesses believe that employers will need to make higher contributions to auto-enrolment schemes in order for their employees to have ‘sufficient levels of retirement income’.
Commenting on the research, Matthew Fell, Chief UK Policy Director at the CBI, said: ‘More people are saving into a pension than ever before, and businesses believe that auto-enrolment has been a run-away success that must be built on.
‘If we’re to get even more people into the habit of saving, then auto-enrolment must be extended to the self-employed and more of those holding down multiple jobs.
‘Working together, businesses and the government can set a path that continues to boost the number of workers saving for their retirement and the amount that they are saving.’