Almost a quarter of UK businesses have not begun planning the implementation of auto-enrolment into workplace pension schemes in time for 2012, Aon Hewitt says.
Aon Hewitt's latest research claims 23% of businesses have yet to consider the changes, which will see all employees with more than three months' service and earning £7,475 or more enrolled into a workplace scheme or NEST. The consultancy's latest figures on defined contribution (DC) pensions shows income for employees aged 30 with a fund of £15,000 fell from £19,442 to £18,283 over November. Similarly, the Aon Hewitt DC index projects pension incomes for 60-year-olds with £150,000 fell by £86 from £10,648 to £10,562, and 65-year-olds with the same fund suffered a decrease from £7,825...
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