More than 6m workers have now begun saving into a workplace pension as a result of automatic enrolment, and more than 100,000 employers have now automatically enrolled staff.
The DWP’s latest declaration of compliance report shows that 100,668 employers, with 21.6m employees, have completed their declaration or compliance. The report shows 6.1m eligible jobholders have been automatically enrolled, while 5.6m workers have not been enrolled because they do not meet the qualification criteria.
Minister for pensions Baroness Ros Altmann says: “So far it has been those working for big firms, now the challenge is to make sure small employers set up pensions too, so their employees get to enjoy this major financial benefit.
“Our pensions reforms are starting a culture of saving which is making pension provision the norm across the UK.”
Director of automatic enrolment at The Pensions Regulator, Charles Counsell says: “The roll out of automatic enrolment has proved successful so far, with more than 90 per cent of the first small employers required to put their staff into a workplace pension now complying with the law.
“We are finding a minority of small employers are leaving preparations too late.”