More than two million workers have begun saving into a workplace pensions scheme as a result of automatic enrolment, according to figures released today by The Pensions Regulator.
Automatic enrolment began in October 2012 and is rolling out from the largest to the smallest employers across the UK. All employers, including charities and the public sector, will eventually need to assess their workforce and automatically enrol eligible workers into a pension scheme.
This month’s automatic enrolment registration report shows that more than 3,500 employers have now joined the workplace pensions revolution and submitted an online declaration of compliance by completing registration with The Pensions Regulator.
Hundreds of staff at the charity the British Heart Foundation have been automatically enrolled, helping push the figure past the two million landmark.
Pensions Minister Steve Webb said: ‘It is great news that automatic enrolment is beginning to make a positive difference to the retirement prospects of workers. The changes to workplace pensions being introduced now are set to help millions more people to achieve many happy new years in the future.
‘Over 3,500 employers so far are helping us to create a fairer society by ensuring that pensions are no longer the preserve of the few. And the message to employers is make sure you’re ready for the date your workforce joins the two million already in.’
The new year will see a leap in the number of firms affected, with tens of thousands of medium employers introducing automatic enrolment. The Pensions Regulator is urging all employers to make sure they know when they must introduce the changes, or ‘stage’.
The regulator’s website has a tool for employers to check when they are due to stage and another that helps them plan ahead to avoid unnecessary complexity and cost.
Find out more about pensions auto-enrolment in the news.