why software developers should pay attention to their pension!
TRANSCRIPT
Henry TapperPension PlayPen and First Actuarial
With thanks to Charles Counsell, The Pensions Regulator, Executive Director
Auto-enrolment Paying attention to the pension
1
Success so far
Providing a workplace pension is becoming the norm in the UK
• 6.14 million workers have been put into a workplace pension
• 110,103 employers have completed their AE duties
• Approximately 400,000 employers to stage between April and December 2016
How the Regulator is addressing the challenge: Duties checker
How is the Regulator addressing the challenge: Guidance
• Step by step guide, customised to different audiences
• Choose a scheme page includes a list of MTs, soon to be extended to include GPPs
• Guidance on costs employers are experiencing
• Basic Assessment Tools
• Videos
• Case studies
• Compliance and enforcement bulletin
• Declaration of compliance checklist
How is the Regulator addressing the challenge: Advertising
In 2015-16...• 1.5m letters dispatched• 900k e-mails dispatched
In 2016-17...• Over 4m letters • 3.7m e-mails
How the Regulator is addressing the challenge: Direct mail
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Emails
Whitemail
12 month Employer Communications Dispatch Profile
How the Regulator is addressing the challenge: Business Advisers
Adviser pages on tPR’s website
8
Awareness
• The latest research into employers’ and intermediaries’ awareness of automatic enrolment shows that 79% of employers remember seeing or hearing at least one of the campaign adverts while intermediaries who have seen the adverts found them relevant and memorable.
• Awareness of automatic enrolment remained similar to spring 2015 among small and micro employers (90% and 78%) while understanding increased significantly (68% among small employers, 56% among micros).
• Around a quarter of employers (24%) spontaneously recalled the key message that “all employers need to comply”.
• Campaign recall levels amongst intermediaries were between 90-94%.
• 91% of bookkeepers recalled the advert, a significant increase from 82% the year before.
• Knowledge of the need for employers to complete a declaration of compliance with The Pensions Regulator increased significantly, from 79% to 94% amongst independent financial advisers (IFAs) and from 60% to 84% among accountants.
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Nominations
• TPR asks employers to nominate a contact who we should send letters and emails to. An ‘employer contact’ should be the business owner/most senior person and an ‘additional contact’ to receive our task specific emails.
• Nomination is important as it enables tPR to target communications at those completing the AE activities as well as those with overall responsibility for meeting the AE duties.
• Nomination serves a dual purpose in gaining early engagement from the employer and has proved to be a direct indicator of future compliance.
• Nomination rates show that February 16 is very similar to January 16 and that both are more advanced than Pathfinder.
• March & April 16 are also displaying similar levels as they approach their respective staging dates.
10
Not all pensions work so well
11 AE measures of support 2016
Average scores for provider support servicesCurrently The People’s Pension provide the best user experience, scoring 7.3 to Legal and General’s 6 with
NEST and NOW lagging.The spread of scores suggest that support matters to intermediaries and the
comments received about each provider suggests that good and bad support provokes some passion.
We intend to monitor changes in these scores through future surveys asking the same questions.
Ove
rall
supp
ort s
core
7.3
6.05.3
4.5
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Fig 8
Not all workplace pensions are the same
Pay attention to the pensionOur message to business advisers
1. Your practice is at risk2. Your clients are at risk3. Their staff are at riskFrom poor pensions due diligence
www.pensionplaypen.comThe most you will pay for our advice is £199 + VAT
Thousands of employers have!
Pension-attention is Good for Sex!!
Younger than 60 60-69 70-79 80+ All Ages0%
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Had sexual activity in the past year
0-1 Correct Answers 2-3 Correct Answers 4-5 Correct Answers