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10

Automatic pension enrolment hits 1 million mark

Open-access content Friday 19th July 2013 — updated 5.13pm, Wednesday 29th April 2020

The millionth UK worker has been automatically enrolled into an occupational pension scheme, just nine months after the project began, pensions minister Steve Webb announced today.

Auto-enrolment was launched in October 2012, with the UK's largest firms required to set up pension schemes for their employees. Medium-sized firms are now starting the work, and small businesses will following in the years up to 2008.

Webb said the millionth worker was a 'real landmark in this quiet revolution'.

He added: 'This is the biggest change to the pension system for a century. This money workers save is being matched by contributions from their employers and topped-up by tax relief, helping them put money aside for their retirement, many for the first time.'

The figure was included in a report published by The Pensions Regulator.

Charles Counsell, director of automatic enrolment at the regulator, said: 'This milestone is a real credit to the hundreds of employers who have helped make the early implementation of automatic enrolment a success.

'There is still much to be done, with the challenge of large numbers of medium employers due to automatically enrol their workers early next year. The Pensions Regulator is working to make sure they are prepared.'

Figures published by the Office for National Statistics earlier this week revealed that, in 2011, that the number of people saving into a workplace pension scheme had dropped to a 60-year low.

This article appeared in our October 2012 issue of The Actuary.
Click here to view this issue
Filed in:
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Topics:
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