February Will See Pension Auto Enrolment Pass The One Million Employer Mark

8 February 2018

Auto Enrolment One Million Employer Mark According to The Pensions Regulator most recent compliance report that was published in January 2017, the number of employers who had completed their auto enrolment duties stood at 983,446. Given the current numbers of businesses that are currently in the staging process, it is estimated that the number of employers who have complied with their auto enrolment duties will pass the one million mark.

Tom McPhail, Head of policy "Auto enrolment has been remarkably successful, so far. Everyone involved deserves credit, the politicians, the pension companies and the 1 million employers who have actually set up pensions for their employees and who are now helping them save for retirement."

"There is however still more work to be done. We need to keep working on membership numbers, on contribution rates and on member engagement. In particular, the rules should be developed to give individuals the freedom to choose their own pension provider, rather than being forced to accept the scheme chosen for them by their employer. This would improve engagement, strengthen competition and cut down on the number of small pension pots. It would be possible to do this while keeping all the default auto-enrolment systems in place, so giving employees the best of both worlds; defaults for the disengaged and choice for those who want it."

Auto enrolment was introduced in 2015 by the coalition government and has been widely lauded as a success, with millions more now saving towards their retirement.

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      Josh was a Business Development Manager at Smart Pension. Josh served as Smart Pension's Business Development Manager from November …