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05 Aug 2013

Auto-Enrolment Brings 1m New Savers To Workplace Pension Schemes

New data from The Pensions Regulator has revealed that more than one million employees are now saving for retirement for the first time, as a result of the automatic enrolment scheme.

Just nine months after the start of the programme, the number of new workplace pension members has grown by more than a million. The first stages of the project included Britain´s biggest employers, with the largest workforces. As of the end of June, 1,136 UK companies, employing approximately 6.8 million people, have completed the auto-enrolment procedures, the Pension Regulator said.

The number of new pension savers is set to grow further by the end of the year, as the next stage of auto-enrolment is scheduled for completion over the next few months. It is estimated that by 2018, when all businesses have to enrol their employees into workplace pension schemes, around ten million workers will be saving for the first time.

Meanwhile, the Pensions Regulator announced that 89 investigations were started in the 12 months leading up to 31 March, looking into suspected non-compliance with auto-enrolment regulations. Investigators will be assessing whether employers are taking their responsibilities in relation to the programme seriously and will be assisting businesses with compliance issues. The Regulator noted that the majority of non-compliance cases were the result of providing inadequate information rather than deliberate violations.

Since the next stage of auto-enrolment includes mid-sized enterprises, The Pensions Regulator predicts that a larger number of employers will be in need of help with compliance. They are committed to providing assistance to those who need it, Financial News website reported.

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