Standard fears £135m opt-out bill

Pow, Helen
August 2009
Money Marketing;8/27/2009, p3
The article reports on the concern of Standard Life Assurance Co. if the auto-enrolment regulations go ahead in Edinburgh, Scotland. It says that the pension industry can be hit with a 135 million pounds admin bill. Contributions are to be deducted from pay on the first day of the job under the draft rules. It is estimated that 30 percent of the three million people who will be auto-enrolled will be opt out. The cost of enrolling and refunding an opt-out will be around 150 million pounds.


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