Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • February 2014
02

Almost 3 million now auto-enrolled in workplace pension saving

Open-access content Thursday 13th February 2014 — updated 5.13pm, Wednesday 29th April 2020

Almost 3 million people have now been auto-enrolled into a workplace pension scheme, according to latest figures from The Pensions Regulator. But pension experts are warning that people are still not saving enough for retirement.

2

TPR's monthly figures, published today, show that 2.87 million people are now paying into a workplace pension.

Darren Ryder, TPR's strategic planning manager for automatic enrolment told The Actuary 9,000 employers were now registered with the regulator, most of the UK's largest private and public sector employer.

He added: 'We are still in the early days of automatic enrolment. Now it's time for medium and small businesses to act.

'Over the coming year, more than 32,000 medium-sized businesses with 250 workers reach their staging dates. Most will not have experience of workplace pensions. Against this backdrop, we have long warned against complacency amongst both employers and those professionals helping them.'

Commenting on TPR's figures, Tom McPhail, head of pensions research at Hargreaves Lansdown, acknowledged that participation rates 'have been good' but added: 'We are still in the early round of the tournament and tough challenges still lie ahead.'

He went on: 'The real challenges [will] come over the next few years in terms of communication and making sure that the participation rates stay high and also that when we get to 2018 we go on beyond the minimum of 8% and go on and encourage people to put more money in.'

TPR's monthly figures also highlighted that 3.6 million people are not being auto-enrolled because their earnings are too low.

McPhail told The Actuary that, for workers in their 20s, 'this probably isn't a big deal' but said those over 40 should be concerned about their retirement prospects.

He said: 'I do have concerns about the 40- and 50-somethings, whom every year matters and a delay of four years now until 2018 before they get up to the full contribution rate will actually have quite a substantial impact on their retirement prospects.'

'I think there are some really important messages to push out there about avoiding complacency and about getting those contribution rates up as quickly as we can.'

 

This article appeared in our February 2014 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Former Lloyds risk chief to lead OFT legacy DC audit

Former Lloyds Banking Group’s chief risk officer Carol Sergeant has been appointed to oversee the Office of Fair Trading’s audit of high-cost and legacy defined contribution workplace pensions, the watchdog announced today
Tuesday 11th February 2014
Open-access content
2

IFS calls for pension tax reforms

Reforms to end the ‘extraordinarily generous’ tax treatment of pensions could raise as much as £10.8bn a year for the Treasury, according the Institute for Fiscal Studies.
Thursday 6th February 2014
Open-access content

Employers fear older workers will drive up costs

Almost half of UK employers are worried they will face higher costs because of the expected increase in workers aged 60-years or over between now and 2020, according to a new report
Wednesday 12th February 2014
Open-access content
2

FCA slams 'disorderly' annuities market and plans further probe

The annuity market is ‘disorderly’ and ‘not working well’ for consumers who seek to convert their defined contribution pension pots into fixed income, the Financial Conduct Authority said today after an extensive review
Friday 14th February 2014
Open-access content

Global companies backing out of DB pensions, PwC poll finds

Multinational companies have ‘closed the door’ on defined benefit pensions because deficits have become unmanageable, a new survey claimed today.
Friday 14th February 2014
Open-access content

Labour pledges compulsory independent pension advice for retirees

All pension savers approaching retirement will benefit from the advice of an independent broker to make sure they get the best deal from their pension pot, the Labour Party has promised
Monday 10th February 2014
Open-access content
Filed in
02
Topics
Pensions
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Reserving Analyst

London (City of)
Negotiable
Reference
149485

Senior GI Modeler - Capital and Planning

London (Central)
£ excellent
Reference
149436

Risk Oversight Manager

Flexible / hybrid with a minimum of 2 days per week office-based
£ excellent
Reference
149435
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ