Many people in and around the UK pensions system are now talking openly about the future of that system, and in particular about the future of Automatic Enrolment. How should we build on the huge successes that auto enrolment has driven in expanding take-up of workplace pensions?
This is an important conversation. Many people who are eligible for auto enrolment, though now saving for retirement, aren’t saving enough by most conventional measures of pensions adequacy. This has led to calls for minimum contributions to rise in the future. But while auto enrolment has undoubtedly been a success, there may be more nuance in the arguments for and against a simple expansion of traditional pension saving, and an opportunity to think more broadly about how innovations within the set-up of auto enrolment could not only support pensions objectives but also broader goals around financial resilience and wellbeing.
In this edition of Viewpoints, Will Sandbrook, Managing Director of Nest Insight, explores how we can build on the success of auto enrolment, and the importance of taking into account people’s wider financial health: Viewpoints: Evolving auto enrolment – what could be next? (PDF)