One million UK employers have enrolled staff into a workplace pension, new figures show.
According to the Pensions Regulator, in the past year alone over 600,000 employers have complied with their with auto-enrolment responsibilities. This means that than nine million employees are now saving into pension pots and working towards a more financially secure retirement.
‘Staging deadlines’ have been in place since the government scheme was launched in 2012, gradually bringing existing employers and their staff into workplace pensions. The deadline is now approaching for the remaining 150,000 employers to enrol their staff by June 2018.
Guy Opperman, Minister for Pensions and Financial Inclusion, says: “With one million employers – from the small sandwich shop owner to the large supermarket chain – now enrolling their staff into a workplace pension, we are creating a nation of responsible employers who are reassuring their workforce that with their support, they will have a secure retirement.”
With contribution rates set to increase to 5 per cent in April 2018 and 8 per cent in April 2019, individuals need to be persuaded of the value and importance of staying in a pension. The government has therefore launched a national campaign to encourage people to ‘get to know your pension’.
Are you on top of auto-enrolment?
Our experts at Beavis Morgan are well versed in all aspects of payroll management including the set up and administration of auto-enrolment. If you would like to know more, please contact Matthew Burge or your usual Beavis Morgan Partner.