The introduction of automatic enrolment into the workplace pension scheme, intended to help more save for their retirement, has now reached 8,165,000 employees according to The Pensions Regulator (TPR). However, there are still more than half a million employers whose duties are still to begin over the coming months. It is recommended for these employers to understand what they now need to do in terms of auto-enrolment.
The Pensions Act 2008 requires that every employer, with one employee or more, must provide certain staff with a pension scheme and contribute towards it (auto enrolment).
Guy Opperman, Minister for Pensions and Financial Inclusion said “reaching this eight million figure is a formidable achievement…But we cannot be complacent and as contribution rates rise we know there is more to be done. That’s why our automatic enrolment review, which will report back later this year, is so vital to the future of this life-changing policy.”