Contents.
Foreword by the Minister of State for Pensions 5
Executive summary 7
Chapter 1. Introduction 10
Policy Background 10
Automatic enrolment challenge 10
The Provider Market 12
NEST's role 13
Constraints 13
Call for evidence 14
Chapter 2. The annual contribution limit 15
Impact on consumers 15
Impact on employers 17
Impact of charges on employer choice 19
Chapter 3. Transfer restrictions 21
Individual transfer restrictions 21
Bulk transfers 23
Chapter 4. Government response 24
Annual contribution limit 25
Transfer restrictions 25
Next steps 26
State aid 27
Respondents 27
Annex A . List of respondents 28
List of organisations who responded 28
Table 1: Contribution rates on all earnings over minimum qualifying earnings over the implementation period at different salary levels 16
Table 2: Percentage contributions on earnings above lower qualifying band required to reach the annual contribution limit 16
Table 3: Earnings distribution for all private sector workers in the automatic enrolment eligible population 18
Table 4: Earnings distribution for private sector workers without a workplace pension in the automatic enrolment eligible population 19
Table 5: Average year of commencement of scheme by scheme size 23
Graph
Graph 1: High and low pension participation estimates (with and without automatic enrolment) 11
Graph 2: Profile of Employer Staging Dates 11