New Figures Show The Success Of Auto Enrolment

14 December 2017

The Success Of Auto Enrolment New figures from the Department of Work and Pensions (DWP) have shown that more than nine million people have been automatically enrolled into workplace pension schemes since the introduction of auto enrolment in 2012. This means that more than one million people have automatically enrolled in the past six months with the last estimated figures in June totalling eight million people.

Guy Opperman, the pension and financial including minister has heralded the latest figures a huge success in a recorded message on Twitter.

"Today we celebrate nine million workers being enrolled into a pension thanks to AE," he said. "From zero enrolled in 2012 to nine million enrolled in 2017, that is a remarkable achievement."

"It means that nine million people have had their options for saving for retirement completely transformed. AE has changed the savings culture in this country forever and we are not done yet."

The Department of Work and Pension estimates that by the year 2020, more than 10 million will be newly saving into a workplace pension with almost 17 billion a year being put aside for retirement by employers and employees.

Following the release of the new figures, Matthew Burrell from the Pensions and Lifetime Savings Association says it is important to concentrate on the planned contribution hike.

"With nine million people now saving in a workplace pension, AE has made pension saving part of everyday life," he said. "This milestone shows how close we are to the successful completion of staging: the process of making sure almost all UK businesses offer a workplace pension."

"Our focus now should be on raising contributions. People need clear communication from the government that minimum contributions will rise in April next year and about the importance of staying in their pension schemes."

  • Author Profile
    • Sp avatar Mat Castle

      Mat was Business Development Director at Smart Pension. Mat served as Smart Pension's Business Development Director from October 201…