The DWP are right to be proud of auto-enrolment.
As of today, one million employers across the country have now automatically enrolled their staff into a workplace pension. Minister for Pensions and Financial Inclusion @GuyOpperman explains the importance of this milestone for pension savings #pension pic.twitter.com/SUJp1dQ05O
— DWP Press Office (@dwppressoffice) February 13, 2018
It’s such a success story, even Guy Opperman wants some visibility !
Ok – cheap shot!
I’d have enjoyed our Pensions Minister cuddling up to Workie, but Workie appears to be on the Island of Misfit Mascots.
So instead I am bringing you the story in graphic format, from the tweets of the dyspeptic David Robbins.
David is right to point out that all the hard work of getting the last 610,000 employers into auto-enrolment has little impact to Britain’s immediate macro-economic position
61% of the >1m employers to have reported compliance did so in the past year. But these small firms account for just 17% of workers.
But this is to miss three really important points
- These 17% of workers are like the lost sheep , there’s rightly rejoicing in the Kingdom of Heaven, for finding them!
- The 600k employers who are now “in” contain among them the Vodaphones of the next 50 years; 17% today – ? tomorrow!
- Workplace Pensions are now business as usual for everyone – they’re part of employing people!
Another cheap shot!
It is easy enough for David (or me or Guy Opperman for that matter) to take general praise or show Olympian vision on these matters.
It is easy because we are pensions people and ultimately so much of the benefits of AE accrue to the pension industries. We all bask in the sunshine – but down below, others are doing all the work.
It’s more than a cheap shot – it’s an accurate stab to the solar-plexus “it’s payroll wot dunnit!” Payroll has made auto-enrolment happen, payroll with the help of actuaries and regulators and the guys who throw cheap shots on blogs!
IT’S PAYROLL WOT DUNNIT!
Payroll take a bow!
Come on lads , don’t be shy. Here’s my friend Matt .
and here’s what Barry Matthews has to say!
On the subject of Barry, I’m really pleased to announce I’ll be involved in a series of talks to STAR customers in June, I’ll be making the point that payroll needs to move from “commodity to consultancy” asap!
We have more hard work, more skill and more integrity in the payroll industry than we know. Pension people – especially Pension Ministers – should be recognising that.
This is not just me sucking up to payroll , (I do it all the time), it is me telling it like I see it, after 30 years of waiting for something as good as auto-enrolment to come along.
IT’S PAYROLL WOT’S DONE IT , AND DON’T LET’s FORGET IT!
Payroll companies have done great work in getting firms into auto enrolment. The rules are mind-numbingly complicated and it has been a huge amount of work to help employers get ready. Next challenge will be automation, rather than using manual spreadsheets and also data security with GDPR. Plenty to keep everyone busy, but millions of workers now in pensions for the first time – great success so far. Well done all!