August 19, 2014
Over four million employees have now Auto Enrolled
More than four million workers are part of an Auto Enrolment workplace pension scheme, according to recent figures from The Pensions Regulator (TPR).
More than 21,000 employers have now told TPR how they have met their duties in their compliance declaration.
The figures also showed that 8.6 million employees were now members of qualifying pension schemes. Over 4.44 million workers were not members of qualifying schemes, but many of these will have workplace pensions with previous employers.
The Pensions Regulator’s Executive Director of Auto 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.
The country’s largest employers were the first to reach their Auto Enrolment staging from late 2012, with medium businesses scurrently staging and micro employers starting to stage next year.
TPR is urging employers to make sure they everything they need to do for Auto Enrolment. You can easily find out your staging date on The Pensions Regulator website. The organisation is writing to small employers informing them of when they should be ready for Auto Enrolment.
“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,” Counsell said. “This letter is a call to ac tion for employers. It directs them to the information they need to prepare for Auto Enrolment.”
Steve Webb, Minitster for Pensions, said: “This latest milestone figure shows how saving in a workplace pension is now becoming the norm. Four million people have now been Auto Enrolled into a workplace pension with many more saving for their retirement for the first time or saving more as a result.”
All employers in the UK are affected by new workplace pensions duties and will receive a letter from TPR 12 months before they stage.
Want more information about Auto Enrolment? Check out our AE Solutions and information section.