Auto-enrolment hits 4m landmark
New figures from the Pensions Regulator show that more than four million workers have now been automatically enrolled into a workplace pension.
Following publication of the figures on 14 August, Pensions Minister Steve Webb said: “This latest milestone figure shows how saving in a workplace pension is now becoming the norm.
“Four million people have now been automatically enrolled into a workplace pension with many more saving for their retirement for the first time or saving more as a result.”
The regulator is urging all employers to be clear about their staging date, the date when they need to be ready to implement automatic enrolment of eligible workers into a qualifying workplace pension scheme.
Charles Counsell, the Pensions Regulator’s executive director of automatic enrolment, said: “This summer, we have begun the process of writing to hundreds of thousands of small employers informing them when they need to be ready to meet their new workplace pension duties. This letter is a call to action for employers.”
All employers will receive an individual letter 12 months before their staging date, with every employer required to implement auto-enrolment by 2018.