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26 Aug 2014

Auto Enrolment Achieves Four Million Milestone

According to an article on HR Zone, The Pensions Regulator has announced that over four million UK workers have now been automatically signed up for a workplace pension.

Figures released by the Department for Work and Pensions (DWP) reveal that around 6,000 employers have been enrolled per day, equating to an increase of over one million people this year.

Furthermore, over 21,000 employers have completed their ‘declaration of compliance´, which proves to the regulator that they have met the duties legally required of them.

So far, a varied mix of employers have completed their duties – including hotels, factories, colleges, hairdressers and scrapyards. According to Charles Counsell, executive director of auto-enrolment at The Pensions Regulator, this reflects the fact that the scheme will eventually become an essential part of “every type of workplace”.

The article also quotes Pensions minister Steve Webb, who asserted that the auto enrolment policy is “helping build a fairer society as millions of workers who didn´t have the chance to save in a workplace pension before are now on track for a more comfortable retirement.”

Prior to the auto enrolment scheme, many British workers were failing to save adequately for their retirement. However, the issue still persists, with figures this month revealing that 11.9 million UK workers are currently under-saving.

All employers will have been included into the auto enrolment scheme by February 2018. Employers are being advised to check their staging dates on The Pensions Regulator´s website, to avoid additional costs. After this, the deadline for their declaration of compliance is five months.

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