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Employee Benefits News

Latest News
17 Jul 2017

Over 8 million workers now signed up for auto enrolment

Almost five years after the launch of automatic enrolment, more than eight million employees have signed up for a workplace pension and most employers are confident they are meeting their obligations.

The latest declaration of compliance report from The Pensions Regulator (TPR) reveals that as of the end of June, 8,165,000 workers were saving for their retirement in a workplace pension as a direct result of automatic enrolment.

When auto enrolment was first introduced it was expected to lead to around eight million workers saving more for their retirement. That estimate has already been reached, with hundreds of thousands more employers still to enrol staff over the coming months.

Welcoming the milestone, Guy Opperman, Minister for Pensions and Financial Inclusion, said:

“Reaching this eight million figure is a formidable achievement and represents a huge number of people on the path to a more financially secure retirement.

“But we cannot be complacent and as contribution rates rise we know there is more to be done. That´s why our automatic enrolment review, which will report back later this year, is so vital to the future of this life-changing policy.”

In a recent survey by TPR, employers said that they find meeting their ongoing auto enrolment duties easier than they had expected and 96% are confident they are fully compliant.

Most micro employers interviewed said they spend around half an hour each month meeting their duties and two thirds did not use outside help.

Darren Ryder, director of automatic enrolment at TPR, said:

“Tens of thousands more people every week are signing up to a new workplace pension through automatic enrolment. Employers are continuing to become compliant and to remain so, allowing their staff to get the pensions they are entitled to.

“There are more than 500,000 more employers whose duties are still to begin over the coming months. I would urge each and every one of them to check today that they know what they need to do and when they need to do it so they can seek our help if they need it.”

Copyright © M2 Bespoke 2017

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