Seven million now saving as result of automatic enrolment
05 January 2017
More than seven million people have now been put into a pension by their employer as a result of automatic enrolment.
The latest automatic enrolment declaration of compliance report also shows that more than 340,000 employers have now completed their declaration.
In 2017, the largest number of employers so far will see their workplace pensions duties start and by the end of the year, more than one million employers will have complied with the law.
The Pensions Minister, Richard Harrington said that great strides forward have been made by automatically enrolling seven million people into a workplace pension – now the challenge is to make sure that everyone can benefit from a financially secure retirement, including those working for the smallest employers.
In 2017 more than 700,000 small employers will see their workplace pensions duties start and the Pensions Minister's message to them is clear: don’t be daunted, there is help and support out there. Setting up a pension scheme can seem complex, but The Pensions Regulator has a simple step by step guide available to help.
The Department for Work and Pensions (DWP) has announced a review into AE will take place next year, building on the success of the policy to date.
The latest analysis by DWP estimates there will be an extra £17 billion of workplace pension saving per year as a result of automatic enrolment by 2019/20.