Latest auto-enrolment take-up figures released
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More than four million workers from over 21,000 employers are now successfully enrolled into workplace pensions and are saving for their futures.
Four million workers have now been automatically enrolled into a workplace pension according to the Pension Regulator. The regulator's monthly declaration of compliance report shows that more than 21,000 employers have now completed their declaration of compliance (registration) informing the regulator how they have met their duties.
The key statistics show that 21,303 employers have confirmed that they met their auto-enrolment duties
- 4,032,000 eligible jobholders have been automatically enrolled
- 8,602,000 workers were already members of a qualifying scheme
- 423,000 eligible jobholders have had the defined benefit or hybrid scheme transitional arrangements applied to them
- 4,443,000 workers did not fall into any of the above categories
Pensions minister Steve Webb has hailed the figures. He 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 find out when they need to be ready. The date an employer's duties go live is set in law - it is called a staging date. It is simple for an employer to find out their staging date on the regulator's website using their PAYE information.
The Pensions Regulator's executive director of automatic enrolment, Charles Counsell said: "A seaside hotel, a scrapyard, hi -tech factories, colleges, care providers, hairdressers and a designer all featured amongst the wide range of employers completing their duties this month. It is a mix which illustrates just how automatic enrolment is gradually becoming part of the fabric of running every type of workplace.
"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. It directs them to the information they need to prepare for automatic enrolment."
Tom McPhail, head of pensions research at Hargreaves Landown says: "This shows that nearly 4.5 million employees are missing out on workplace pension membership. In addition there are around a further 4.5 million self-employed in the UK who also don't enjoy the benefit of being auto-enrolled into an employer funded workplace pension. Only last week the DWP produced updated analysis which shows that 11.9 million people are under-saving for retirement. Very broadly, anyone who is not contributing at least 12% of their salary a year to a pension probably isn't saving enough. In the meantime, auto-enrolment has been cited as one of the downward pressures on earnings growth."
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