Recent research in the U.K. by Aon Hewitt has unveiled the top five lessons learned by organizations that have already undergone the initial implementation process for auto-enrollment. Sophia Singleton, head of Aon Hewitt’s auto-enrollment specialist team, reports that, “it's clear from our clients' experience that implementation really is the start of a process rather than the finish … it's the time to deal with the issues that implementing auto-enrollment can throw up — and some of these will have been unforeseen.”
Here are the top five tips derived from employers who have completed the initial auto-enrollment process:
1. Be ready for opt-ins
2. Multi-employer schemes beware
3. The regulatory focus on DC plans
4. Don’t stray off course
5. Looking longer term
The research may have been conducted in the U.K., but the lessons translate clearly and directly “across the pond.”
