Building on success: Auto-enrolment alone is not enough

October marked the third anniversary of the introduction of auto-enrolment in the UK and, although there are plenty of employers still to stage, it has been successful in getting more people to begin saving for retirement. This is a good start, but the next step has to be to ensure people are saving enough to secure an adequate income in retirement. According to the Office for National Statistics (ONS), average contribution rates for private sector defined contribution (DC) schemes are 4.7%. Under the current trajectory, auto-enrolment is set to raise minimum contributions to 8% by Se...