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- 250 Club Survey warns nearly 1/3 of employers don't know how they will comply with NEST
250 Club Survey warns nearly 1/3 of employers don't know
how they will comply with NEST
JLT 250 Club Survey warns that nearly 1/3 of employers still don't know how they will comply with NEST but at least auto-enrolment is raising pension issue awareness
31st January 2012, London: The second piece of JLT 250 Club research*, based on the views of 250 employers with workforces ranging from 500 to over 3,000 employees, has highlighted that with less than a year to go 31% of employers don't know how they will comply with their Auto Enrolment obligations.
Duncan Howorth, CEO, JLT Benefit Solutions Ltd (JLT), said " We recommend that employers start planning for auto-enrolment at least 18 months before their staging date (when they will receive the first letter from the Pensions Regulator) so given that all 250 club members are large employers, such a high proportion of 'don't knows' is a cause for concern".
36% of respondents plan to continue using their existing scheme to comply with their auto-enrolment obligations whilst 23% see a role for NEST alongside their current scheme. Only 4% expected to use NEST for all employees.
Duncan Howorth concludes, "What is clear is that NEST, as a potential solution, will not be a yes/no issue but a matter of degrees of usage based on each company's own situation and current pension arrangements. It is our hope that the introduction of NEST will help both employers and employees get the maximum value from their workplace pension schemes by highlighting key issues and supporting better understanding. It was particularly good to see that nearly 50% of respondents considered member education important around investment choices".
--ENDS--
Enquiries:
JLT Group Corporate Communications JLT Benefit Solutions
Isabella Young Simon Hazeldine
+44 (0)20 7558 3387 +44 (0)1727 775 102
Editor's Notes:
*The 'JLT 250 Club' is a consumer group of 250 leading companies who have agreed to take part in short surveys within a tight timescale in return for various benefits, including analysed results of the surveys and input into survey topics. The surveys are undertaken in association with YouGov.
Copies of the fill report are available from Simon Hazeldine, JLT Benefit Solutions.
Contact Simon Hazeldine (01727 775102).
About JLT Benefit Solutions Limited
JLT Benefit Solutions Limited (JLT) is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, wealth management, Self Invested Personal Pensions (SIPPs), Small Self Administered Schemes (SSASs) flexible benefits, healthcare, benefit communication and financial education.
Authorised and regulated by the Financial Services Authority, JLT employs over 1,300 professionals in the UK with revenues of some £132m in 2010. The acquisitions of HSBC Actuaries and Consultants Limited and iimia Wealth Management have supported JLT's continued expansion to become one of the four largest employee benefits consultancies in the UK. JLT was awarded Pension Scheme Administrator of the Year at the 2010 European Pensions Awards and won the Engaged Investor's Most Innovative Pension Consultancy Award in July 2011.
Other pensions and employee benefits companies within the JLT group of companies include: Profund Solutions Limited, Independent Trustee Services Limited and JLT Pension Capital Strategies Limited.
JLT Benefit Solutions Ltd is part of Jardine Lloyd Thompson Group plc.
http://www.jltgroup.com/employee-benefits/
Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson Group plc (JLT) is an international group of risk specialists and employee benefits consultants and one of the largest companies of its type in the world. JLT offers a distinctive choice to clients and partners through our combination of independence, scale and specialism.
The Jardine Lloyd Thompson group is quoted on the London Stock Exchange and employs over 6500 people worldwide and through the JLT International Network provides services in more than 130 countries.
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