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NEST enrols 2 million members in 2.5 years

NEST has now enrolled over 2,000,000 members in under two and half years with a new member joining NEST every 40 seconds.

Otto Thoresen, recently elected NEST”s Trustee chair, comments: “This is a major milestone for NEST but this is only part of a longer journey. This year 45,000 small and micro employers will need to automatically enrol their staff into a qualifying workplace pension, and that rises to over half a million employers in 2016.

“NEST’s public service obligation means that we need to be ready for however many employers choose us. We”re working hard to ensure our systems are ready for ever increasing volumes.”

Pensions Minister, Steve Webb, said: “Automatic enrolment has seen over 5m people enrolled into a pension for the first time or saving more for their retirement and is reshaping the British pensions culture after decades of downturn in retirement saving.

“In just under a year, NEST has added an extra million members – this is a significant achievement and its role will be important as millions more working for smaller employers are automatically enrolled.”

Whether you like it or not, Automatic Enrolment is here to stay, you must offer a workplace pension to any eligible employees, as an employer the sooner you start looking into your options the easier and stress free the transition will be.

Speak to us today for expert advice or find out your Staging Date(Deadline) here.

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