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Auto Enrolment number reaches 5 million

More than 5m workers have been automatically enrolled into a workplace pension by the end of 2014.

A report published in December 2014 revealed the 5 millionth worker to join auto enrolment works for Rose Theatre Kingston, Surrey.

The report available here: automatic enrolment declaration of compliance report shows that more than 42,700 employers of all types from supermarkets to charities, football clubs and decorators have now automatically enrolled their staff.

Remember, the more staff you employ the sooner you have to comply, in 2015 we will see thousands of smaller employers signing up to carry out their legal duties.

The whole idea behind auto enrolment is for workers to save for their retirement as previously only 30% of private sector workers were paying into a workplace pension, this figure looks to be 90% by 2018.

Pensions Minister Steve Webb said: “Our pension reforms are helping people save towards a secure and comfortable future in their retirement. The number of people saving into their workplace pension was chronically low. We are changing that so participating in a workplace pension scheme provided by your employer is no longer a rarity, but becomes the norm.”

2015 is set to be all about auto enrolment, as smaller businesses approach their staging date, employers must prepare at least 6 months before the deadline.

Give us a call to discuss your auto enrolment 0113 8267260

 

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