Automatic enrolment reaches significant milestone
The Pensions Regulator (TPR) has confirmed more than eight million employees have now signed up for a workplace pension since the launch of automatic enrolment in 2012.
The introduction of automatic enrolment was expected to lead to around eight million workers saving more for their retirement and this milestone has already been reached with hundreds of thousands more employers still to enrol staff over the coming months.
Minister for Pensions and Financial Inclusion Guy Opperman said: “Reaching this eight million figure is a formidable achievement and represents a huge number of people on the path to a more financially secure retirement.”
“But we cannot be complacent and as contribution rates rise we know there is more to be done. That’s why our automatic enrolment review, which will report back later this year, is so vital to the future of this life-changing policy.”
TPR’s report shows that at the end of June 2017, 8,165,000 workers were enrolled in workplace pensions.
Lee Muter, Employment Taxes and Payroll partner at UNW said: “Based on original expectations, automatic enrolment into workplace pensions has clearly been a success. But there is much more to be done to address the potential crisis in pension provision which could be looming for future generations.”
“For employers, the implementation and administration of a pension scheme can be burdensome, and many require support in planning a scheme, setting it up, considering the cost implications, and with its ongoing maintenance and operation.”
“Our own auto enrolment service has been developed to help employers comply from the outset and throughout the life of the pension scheme. We can also help administer the schemes and ensure there are no penalties, which can be pretty significant.”
If you would like any advice on auto enrolment compliance please contact firstname.lastname@example.org or call 0191 243 6000.
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