'Double default' AE savers represent massive advice opportunity

AE a success but ‘more needs to be done’ to help with complex decisions

Jenna Brown
clock • 2 min read

While auto-enrolment (AE) has been a big success for retirement saving participation the issue of “double defaulters” who stay in their scheme at the lowest contribution rates is a problem that must be addressed by financial services professionals, experts have said.

Speaking at The Lang Cat Home Game 4 event today (3 October) Phoenix Group managing director, customer savings & investments Jenny Holt said addressing the issue was a "massive opportunity to help" people with complex decisions. She said: "AE has been a fantastic success but I think it is widely recognised that more needs to be done. People become double defaulters – they default into the pension, then default into contribution rates. "How do we help to equip those customers to make further decisions? How much to contribute? How to access their pots? "This a massive opportunity to ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

HMRC repays £48.5m in overpaid pensions tax in third quarter of 2025

Analysis finds savers have recouped more than £1.5bn since 2015 introduction of pension freedoms

Martin Richmond
clock 03 November 2025 • 4 min read
Govt ignores pension tax lock call as petition responses top 18,500

Govt ignores pension tax lock call as petition responses top 18,500

AJ Bell started petition; Govt forced to respond after 10,000 signatures

Jenna Brown
clock 23 October 2025 • 2 min read
How SIPPs and SSASs could help power the UK's energy goals

How SIPPs and SSASs could help power the UK's energy goals

'The role of pensions in supporting renewable energy deserves further consideration'

Caitlin Southall
clock 23 October 2025 • 4 min read