Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2012
05

Only 4% to use NEST for auto-enrolment, says Xafinity

Open-access content Thursday 24th May 2012 — updated 1.33pm, Wednesday 6th May 2020

More than one in three pensions and human resources professionals are yet to decide which pension scheme they will use for auto-enrolment, but only 4% plan to use the government’s National Employment Savings Trust.

Research published by Xafinity yesterday found that 35% had yet to choose a pension vehicle for complying with auto-enrolment, less than six months before its staged introduction begins in October 2012.

Almost half (47%) of those questioned said they planned to use their existing pensions arrangements to automatically enrol all employees into a workplace pension scheme.

Another 13% said they would make new arrangements, but less than one in 20 respondents said they planned to use NEST in conjunction with another vehicle. NEST was established to offer employers a low cost alternative to established private sector pension providers.

Ken Anderson, the company's head of defined contribution solutions, said: 'The results reveal that many companies are still undecided about their preferred option for auto-enrolment.

'With many companies just a few months away from its implementation, this is now a cause for real concern as the survey also highlighted that 40% of companies were unsure as to whether their existing payroll and HR system could manage auto-enrolment, or considered that it definitely couldn't.'

In a separate statement, JLT Benefit Solutions warned that the complexity of preparing for auto-enrolment meant companies would need at least 12 months to finalise and implement their strategy for it.

Recent NEST research found 50% of employers with 5,000 or more employees had yet to choose a scheme. Mark Pemberthy, JLT's director for employment benefit solutions, said these employers 'face a real risk of running out of time and potentially facing capacity challenges in securing the support they will need from providers and advisers alike over the accelerated implementation timescales they will leave themselves'.

This article appeared in our May 2012 issue of The Actuary .
Click here to view this issue

You may also be interested in...

ta filler

FSA unveils reduced pension projection rates

Rules which aim to give investors taking out a pension or life insurance policy a realistic indication of potential future returns have been published for consultation today by the Financial Services Authority.
Thursday 31st May 2012
Open-access content
2

Auto-enrolment top focus for Pensions Regulator

Preparing employers for auto-enrolment and developing best practice principles for defined contribution pension schemes top the list of priorities for the Pensions Regulator between now and 2015.
Wednesday 23rd May 2012
Open-access content
2

Remove overly-prescriptive pensions rules, says NAPF

The government should remove ‘overly-prescriptive’ rules governing the type of pensions companies must offer and the way they communicate with their scheme members, the National Association of Pension Funds said today.
Monday 14th May 2012
Open-access content
2

Queen's Speech confirms pension reform plans

Legislation which paves the way for longevity-linked increases in the retirement age and a new flat rate state pension is set to be brought forward this year after the Queen’s Speech included a commitment to modernise the pension system.
Wednesday 9th May 2012
Open-access content
ta filler

Inflation hedging by UK pension schemes hits record high

The use of inflation hedging reached a record high of £13.9bn in the first quarter of 2012 as UK pension schemes tried to protect against the risk of future high inflation, F&C Investments said yesterday.
Friday 25th May 2012
Open-access content

Pension funds frosty over IMF quantitative easing call

Pension funds have warned against a fresh bout of quantitative easing after the International Monetary Fund said the move was needed to help secure the UK’s economic recovery.
Tuesday 22nd May 2012
Open-access content

Latest from Regulation Standards

tfd

A matter of adjustment

Private assets will continue to shine even under the Treasury’s proposed changes to the Solvency II matching adjustment, says Ziling Jiang
Wednesday 2nd November 2022
Open-access content
ykf

A home run: reducing inequality through impact investing?

Sophie van Oosterom, Wojciech Herchel and Mark Callender consider how ‘impact investing’ in social housing could help to reduce inequality
Wednesday 5th October 2022
Open-access content
hgv

Exchange of ideas: IFRS 17 implementation in the Caribbean

Servaas Houben considers how IFRS 17 principles could benefit insurers in the Caribbean – and what European insurers could learn from the region when it comes to implementing the standard
Wednesday 31st August 2022
Open-access content

Latest from May 2012

2

Letters to the editor - July 2012

In which actuaries discuss the AGM, the actuarial exam and defined benefits
Thursday 5th July 2012
Open-access content
ta filler

70% of FTSE 100 firms now offer diversified growth funds

The number of the UK's leading firms offering diversified growth funds as an option in their defined contribution pension schemes has increased by more than 50% over the past 12 months, according to Towers Watson.
Thursday 31st May 2012
Open-access content
Lloyd's of London interior

General insurance news round-up - June 2012

Financial crisis / Solvency II / PPI / Lloyd's / Deepwater / Aviation / Fitch reinsurance / UK motor / Aviva / Large losses
Wednesday 30th May 2012
Open-access content

Latest from formbuilder_item_removed

2

Implementing IFRS 17 Discount Curves: Theoretical and Practical Challenges

The International Financial Reporting Standard (IFRS) 17 requires liability cash flows to be discounted at rates that reflect the characteristics of the cash flows, including their liquidity
Tuesday 3rd September 2019
Open-access content
2

Profit Emergence Under IFRS 9 and IFRS 17: The impact of choice of liability discount rate

With the IFRS 17 accounting standard, insurers need to understand the patterns of profit emergence that arise under the standard, and how current business and methodology decisions affect such patterns.
Wednesday 10th July 2019
Open-access content
2

Whitepaper: Aggregation and diversification of the IFRS 17 Risk Adjustment

This paper forms part of a series of high-level papers designed to provide an introduction to different features of the risk adjustment that should be considered in advance of implementation.
Tuesday 29th January 2019
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from 05

ta filler

70% of FTSE 100 firms now offer diversified growth funds

The number of the UK's leading firms offering diversified growth funds as an option in their defined contribution pension schemes has increased by more than 50% over the past 12 months, according to Towers Watson.
Thursday 31st May 2012
Open-access content
Lloyd's of London interior

General insurance news round-up - June 2012

Financial crisis / Solvency II / PPI / Lloyd's / Deepwater / Aviation / Fitch reinsurance / UK motor / Aviva / Large losses
Wednesday 30th May 2012
Open-access content

People moves round-up

The latest appointments and moves from the actuarial world
Wednesday 30th May 2012
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

BPA Transition Manager

London, England / Edinburgh, Scotland
£45000 - £65000 per annum + market leading bonus and benefits
Reference
148878

London Market Pricing Contracts - Inside & Outside IR35

London (Central)
£1000 - £1300 per day
Reference
148877

SME Pricing Director

London (Central), London (Greater)
£225K + bonus + benefits
Reference
148872
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ