More than 1.6 million workers are now saving for retirement through an auto-enrolment pension scheme, the Department for Work and Pensions announced today
One year after the launch of auto-enrolment, pensions minister Steve Webb said: 'Over the last year we have instigated a quiet revolution that has heralded the biggest change to pensions in a century.
'Already 1.6 million people have been automatically enrolled and the early signs are that this is an enormously successful scheme with nine out of ten workers choosing to stay in a pension.'
Under auto-enrolment, all firms must enrol staff earning over £9,440 a year and aged between 22 and state pension age into a pension scheme. Employers are also required to contribute to the scheme.
While workers are able to opt out of, DWP research published in August showed that opt-out rate was around 9%.
