Automatic Enrolment – the story so far

Malcolm Small

Automatic enrolment schemes are working but there still may be challenges to come, writes Malcolm Small, Senior Advisor on Financial Services Policy at the IoD.

As we move towards the end of 2014, it’s a good time to review where the automatic enrolment of employees into pension saving has got us. Certainly, this policy appears to have arrested a decades-long decline in pension scheme membership, according to the latest figures from the Pensions Trends survey from the Office for National Statistics. This shows a sharp up-tick in membership in 2013, which will have continued this year. The Pensions Regulator estimates that more than 27,000 employers have complied with their new duties up to October 2014, with over 4.4 million employees enrolled into pension saving.

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The importance of innovation

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Ian Dormer, IoD Chairman, reflects on the central message of this year’s Annual Convention: innovation in business.

When I told my 15 year old daughter that I had met Will Hayward of Buzzfeed at the IoD Convention this year, it was like I had met a pop star. The website was alien to me before that day but it has captivated the 18 to 25 generation. In a crowded internet market place this is a great achievement and summed up the theme to the day – Game Changers. Read More »

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Transfers from defined benefit pension schemes – the aspiration and the reality

Malcolm Small

Malcolm Small, a Senior Advisor on Financial Services Policy at the IoD, discusses the practicalities of transferring from a Defined Benefit pension scheme to a Defined Contribution scheme.

The Pensions Minister has recently commented that pension providers should not block transfers from Defined Benefit (DB) pension schemes, even where an adviser has not recommended such a move.

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Energy Efficiency: The key to competitiveness in a changed energy environment

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UK businesses must alter the way they work to keep up with the competition, writes Tony Slade, Head of I&C Energy Solutions at RWE npower

In recent years the subject of energy efficiency has forced its way onto boardroom agendas across the length and breadth of the UK. The reason is simple: energy prices are getting to a point where they could impact on the ability of UK businesses to compete internationally.

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Pensionable Pay and Auto Enrolment

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Caroline Castle, from Torquil Clark, provides monthly guidance on auto enrolment topics that employers should pay particular attention to.

For those employers who have already been running a pension scheme prior to auto enrolment, the term “pensionable pay”, will not be a new one. Prior to your staging date, as an employer providing a pension scheme for your employees, you had to determine the earnings on which pension contributions are calculated. You were able to decide what counted in the assessment of contributions. If your employees experienced great fluctuations in earnings, thanks to overtime, commission or bonuses, these could be ignored for the most part in determining the pension contributions for that individual. As such you were able to budget reasonably accurately for the contributions drawn.

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How do businesses founded during the recession differ from those that started up ahead of the economic downturn?

The 2014 annual DNA of an Entrepreneur Report from Hiscox, providers of IoD Professional Indemnity Insurance and IoD Office Insurance, has uncovered some significant differences between the two sets of business owners – firms founded in financially challenging times, aka Generation Recession businesses, are more likely to have a younger, female owner and are more focused on digital and social media. What’s more, the data, compiled from 3,500 small businesses in six countries, suggests this new breed of entrepreneurs are more likely to have hired staff in the past year and, despite the challenging economic conditions, they’re optimistic about success and are reporting increased profits and revenue.

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