Four million people now automatically enrolled into a workplace pension; many more still to come

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Four million people now automatically enrolled into a workplace pension; many more still to come

Lifetime news

Posted on: 15/08/2014

Four million people have now been automatically enrolled in workplace pensions.

That is an  increase of over one million this year – or over 6,000 a day on average.

Colleges, care providers, hairdressers, hi-tech factories, a seaside hotel, a scrapyard and a designer were among the variety of employers who have staged this month.

Automatic Enrolment began in October 2012, requiring all businesses to enrol eligible staff into a workplace pension and start paying contributions, beginning with the largest employers first.

All employers are due to be included in the scheme by 2018.

The government’s action to introduce Automatic Enrolment into workplace pensions was in response to the problem of millions of people in Britain not saving enough for retirement.

Pensions Minister Steve Webb said: “Four million people have now been automatically enrolled into a workplace pension – enough to fill 10,000 jumbo jets (see the Department for Work and Pensions poster, below).

Auto_Enrol_InfG_2_GOVUK

“Many more people are saving for their retirement for the first time, or saving more as a result,” added Mr Webb.

“This latest milestone figure shows how saving in a workplace pension is now becoming the norm.”

And while people have the choice to opt out of workplace pension saving, the overwhelming majority are staying in.

 

  • Do you need help with your Auto Enrolment needs? Contact Lifetime and ask for the Pensions Department on 01226 208600 or email t.nelson@lifetime-fm.com

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