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Workplace savings schemes – could they be added on top of auto-enrolment pension plans?


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Workplace savings schemes – could they be...

Cushon, the workplace savings provider, conducted a survey of 2,000 individuals and 1,000 HR managers.

This survey revealed that 72 percent of employees want their employers to have a workplace savings scheme in addition to a pension plan.

Interestingly, the findings highlighted that this is not falling on deaf ears, as employers are realising that they need to help their employees build up a level of financial resilience to protect themselves in the event of unexpected circumstances.

In light of the pandemic, 92 percent of employers would now consider setting up a workplace savings scheme in addition to a pension, where employees can contribute directly from their pay. Helping employees save and invest so they are better prepared to deal with unforeseen situations, such as coronavirus.

READ MORE: Interest rates: Bank of England base rate choice to affect pensions

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PENSION scheme rules were altered in 2012 as automatic enrolment was introduced. Under auto-enrolment rules, companies must place all eligible employees into a pension scheme and then contribute to the pot alongside the workers.

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