Start-up business are supportive of auto-enrolment reforms, according to new government research.
A survey of entrepreneurs who have started a business since 2012, found they were broadly positive about these changes, in many cases stating a pension had been “easier to implement” than expected.
Since AE was introduced in 2012 more than 1.4m employers have set up a scheme, bringing 10m workers into workplace pensions.
Minister for pensions and financial inclusion Guy Opperman (pictured) says: “Start-ups are the lifeblood of our economy, leading innovation. I am pleased these entrepreneurs are embracing AE and finding it easier to meet their obligations than expected.”
The survey is published ahead of a rise in minimum contribution rates. From April a total of eight per cent of workers pensions will be automatically enrolled into a workplace pension – instead than five per cent.
Opperman adds that the government is committed to making information about pensions more accessible, and is backing industry to deliver pensions dashboards so savers can view details of all their pension savings in a single place online.