The Department for Work and Pensions (DWP) has published its evaluation of auto-enrolment (AE) so far.
Although the report drew together and summarised existing data from The Pensions Regulator (TPR), the National Employment Savings Trust (NEST) and the Office of National Statistics (ONS), there were one or two snippets of information that might surprise readers.
Below we have gathered the top five surprising stats from the report.
This is average number of workers who leave their scheme after the opt-out period, as a proportion of the initial opt-out rate. So, if a firm's opt-out rate was the average 9%, it could expect additional scheme exits from another 1.8% of its workforce - making a "true" opt-out rate of 10.8%.
Earlier this year, industry figures warned that the DWP must not be complacent on the grounds of good initial opt-out rates but look instead at the "true" opt-outs gathered after the three-month opt-out window.
This is the proportion of firms auto-enrolling in the six months from October 2012 which put employees into defined benefit (DB) schemes. However, this only represents 33% of workers enrolled.
This is the proportion of firms which, in the first six months of AE, put their employees into a defined contribution (DC) scheme - although this represents 51% of enrolled workers.
This is the average annual management charge (AMC) in a contract-based scheme. With the majority of employers expected to enrol workers into contract, rather than trust schemes, the figure would suggest that contract scheme providers will be hit by the government's proposed cap of at least 0.75%.
This is the number of recorded cases where an employee has cited religious reasons for option out. The DWP found the main reasons for opting out were other financial constraints, proximity to retirement (either too near or too far for saving to be appealing), plans to switch jobs soon, and lack of trust in the pensions industry.
As first published in IFAonline's sister title Professional Pensions.
'Recovery or boom'
Staying invested could prove lucrative
Consider lasting powers of attorney
Less environment, more governance threatens to undermine firms' green credentials