Many firms 'support extension of pensions auto-enrolment', CBI finds
22 Jul 2019
Research carried out by the Confederation of British Industry (CBI) and insurer Scottish Widows has revealed that many UK businesses would like to see the pensions auto-enrolment scheme made available to more workers.
According to the research, 74% of firms would like pensions auto-enrolment to be extended to the self-employed and those earning less than £10,000.
The research also suggested that the auto-enrolment scheme is 'well understood'. Just 7% of businesses 'struggle to understand their auto-enrolment duties', and only 16% 'have difficulty understanding how to assess employee eligibility'.
A further 71% of businesses believe that employers will need to make higher contributions to auto-enrolment schemes in order for their employees to have 'sufficient levels of retirement income'.
Commenting on the research, Matthew Fell, Chief UK Policy Director at the CBI, said: 'More people are saving into a pension than ever before, and businesses believe that auto-enrolment has been a run-away success that must be built on.
'If we're to get even more people into the habit of saving, then auto-enrolment must be extended to the self-employed and more of those holding down multiple jobs.
'Working together, businesses and the government can set a path that continues to boost the number of workers saving for their retirement and the amount that they are saving.'