One million employers enrol staff into a workplace pension

With the June 2018 deadline approaching, the Pensions Regulator has revealed that one million UK employers have enrolled staff into a workplace pension.

Over 600,000 employers have complied with their duties in the past year alone, contributing towards helping more than nine million employees save towards a more financially secure retirement.

Since automatic enrolment was launched in 2012, the Department for Work and Pensions has said that workplace pensions have become ‘the new normal’. Recent research suggests that 83 per cent of workers see saving through a workplace pension as the normal thing to do if you are in paid employment.

Guy Opperman, Minister for Pensions and Financial Inclusion, said: “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.

“Clearly this would not have been possible without the hard work and continued support of employers across the UK. That is why we are committed to working closely with them to prepare for our recently announced proposals which will ensure even more people, including 18 to 21 year olds, lower earners and multiple job holders, can benefit from a workplace pension in the future.”

Employers have until June 2018 to enrol their staff. Contribution rates are set to increase to five per cent in April 2018 and eight per cent in April 2019.