The Department of Work and Pensions (DWP) is launching a five year research study into whether employees already enrolled in workplace pensions can be encouraged to save more with automatic increases to their contributions each year.
Forming part of the DWP’s Informed Choice Programme, the Pension Increase Pledge (Pip), is a pilot study which has asked four or five employers to implement the PIP into their workplace pension to see if pension contributions go up. Legal and General (L&G) is the first company to sign up to the scheme, and from today will be asking over 2,000 employees to sign a pledge promising to start contributing to the company pension scheme from July 2006. The Pip will be aimed at both employees who are already contributing a small amount to their pension in an effort to get them to increase their s...
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