AUTOMATIC ENROLMENT HITS FOUR MILLION LANDMARK

Figures published today by The Pensions Regulator show that more than four million workers have now been automatically enrolled into a workplace pension. You can view the automatic enrolment monthly declaration of compliance (registration) report in research and analysis.

The regulator’s monthly declaration of compliance report shows that more than 21,000 employers have now completed their declaration of compliance informing the regulator how they have met their duties.

The Newcastle based Metnor Group was one of the employers which helped take automatic enrolment to its latest landmark. The company employs around 150 workers.

Finance Director Adam Langman said: “We already offered access to pension schemes to our workforce with a take up of only 40%. Another 50% began saving as a result of being automatically enrolled and to date our opt out rate has been low.

“It’s great to be able to reward our workforce and help them save for retirement.”

Pensions minister Steve Webb said: “This latest milestone figure shows how saving in a workplace pension is now becoming the norm.

"Four million people have now been automatically enrolled into a workplace pension with many more saving for their retirement for the first time or saving more as a result."

The regulator is urging all employers to find out when they need to be ready. The date an employer’s duties go live is set in law – it is called a staging date. It is simple for an employer to find out their staging date on the regulator’s website using their PAYE information.

The Pensions Regulator’s executive director of automatic enrolment, Charles Counsell said: “A seaside hotel, a scrapyard, hi-tech factories, colleges, care providers, hairdressers and a designer all featured amongst the wide range of employers completing their duties this month. It is a mix which illustrates just how automatic enrolment is gradually becoming part of the fabric of running every type of workplace.

“This summer, we have begun the process of writing to hundreds of thousands of small employers informing them when they need to be ready to meet their new workplace pension duties. This letter is a call to action for employers. It directs them to the information they need to prepare for automatic enrolment.”

All employers are affected by new workplace pensions duties, from corner shops to farms, builders to pubs. Every employer receives an individual letter 12 months before their staging date and can find information on what action they need to take and when at www.tpr.gov.uk.