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17 Mar 2014

Three Million UK Workers Auto-Enrolled, Pension Regulator Says

The UK´s Pensions Regulator marked the next milestone in the government´s automatic enrolment scheme that looks set to boost the number of employees saving up for retirement. The regulator announced that more than three million British workers have now joined the scheme. An employee of West Ham United FC became the three-millionth worker to be part of the auto-enrolment project.

The scheme has been rolled out initially to larger employers but by 2018 will include smaller businesses and new employers. Over the next six months “thousands of medium-sized employers” will complete the procedure, according to The Pensions Regulator.

Since the scheme was launched in 2012, more than 10,000 employers have enrolled their staff into workplace pension schemes. It is estimated that by the end of the enrolment process in 2018 approximately 11 million eligible employees will have joined pension schemes.

Commenting on the latest update, pensions minister Steve Webb said that the government had “kicked off a savings revolution” that will allow millions of people to have a reliable income in retirement. Before the start of auto-enrolment, saving rates in Britain were at their lowest but the scheme will mean that the majority, rather than the minority, will have a pension pot.

Meanwhile, Charles Counsell, executive director of automatic enrolment at the Pensions Regulator, reminded employers that they had to register and submit an online declaration of compliance to be part of the scheme. Employers are encouraged to check the Pension Regulator´s website for more information and the relevant deadline.

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