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Four million workers have auto-enrolled, says TPR

Thursday, August 14, 2014

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More than four million workers have now been auto-enrolled into a workplace pension, The Pensions Regulator (TPR) has revealed.

According to the regulator's monthly declaration of compliance report, more than 12,000 employers have now completed their declaration of compliance informing TPR how they have met their duties.

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 auto-enrolled into a workplace pension with many more saving for their retirement for the first time or saving more as a result."

TPR executive director of auto-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 auto-enrolment is gradually becoming part of the fabric of running every type of workplace."

The National Association of Pension Funds (NAPF) Joanne Segars said this was "excellent news" for UK savers.

She said: "Pension schemes and employers have put huge amounts of work into setting up and enrolling workers into millions of pension accounts.

"Workplace pension schemes have always provided one of the very best ways to save for retirement, and auto-enrolment offers the greatest chance of getting people into the habit of saving for their retirement.

"Millions of UK workers can now look forward to a more comfortable retirement, with money to top up their state pension."

The regulator has urged all employers to find out when they need to be ready.

First published 14.08.2014

monique_simpson@wilmington.co.uk