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10

Auto-enrolment numbers pass 1.6 million mark

Open-access content Thursday 10th October 2013 — updated 5.13pm, Wednesday 29th April 2020

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%.

This article appeared in our October 2013 issue of The Actuary.
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