Survey paints grim picture for UK auto-enrolment
UK - A new survey of 258 UK pensions professionals paints a worrying picture of preparedness for auto-enrolment in 2012, as well as growing acceptance that insurance buyout or buy-in should be a de-risking option for the future.
Two-thirds of the trustees, administrators, consultants and other stakeholders who took the survey - conducted by pensions administration services provider RPMI - agreed that auto-enrolment would improve the UK's pension provision, although among pension fund managers that fell to 50%.
Two-third of respondents also said they had begun to prepare for 2012 - 75% of pension funds were taking action, but only 35% of independent trustees.
At a conference in London to present the survey findings, managing director Robert Branagh said it was "scary" that many respondents still assumed auto-enrolment would only affect their defined contribution schemes and not their defined benefit schemes.
Human resources and payroll departments, he added, are "not ready" for the changes.
"We need to lend payroll a helping hand with this," he said. "They need support from pensions professionals."