21 November 2011
The Institute of Directors is calling on the Government to
postpone the introduction of automatic enrolment until 2014 due to
concerns over high opt-outs and costs to businesses.
Policymakers are under growing pressure to push back the current
timetable, which will see the UK's largest employers offering staff
a pension scheme from October, 2012.
IoD director general Simon Walker says: "This is the wrong time
to be implementing pension auto-enrolment. The Bank of England's
downward revision last week of their growth forecasts for this year
and next shows that companies and households are hard-pressed. Real
incomes are being squeezed and employers are struggling to offer
staff pay rises."