One million firms now comply with automatic enrolment
The number of employers that have complied with automatic enrolment passed one million for the first time in January 2018.
The latest data released by The Pensions Regulator shows the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018.
More than 600,000 employers complied with their duties in the last 12 months. Around 150,000 have until the June 2018 deadline to enrol their staff.
Guy Opperman, minister for pensions and financial inclusion, said:
“With one million employers enrolling their staff into a workplace pension, we are creating a nation of responsible employers who are reassuring their workforce that with their support, they will have a secure retirement. Clearly this would not have been possible without the hard work and continued support of employers across the UK.”
The first workers aged 22 or over and earning more than £10,000 a year were automatically enrolled into pension schemes in October 2012. Now more than nine million workers benefit from the minimum employer contribution of 1% towards their workplace pension.
From April 2018, employers will need to contribute a minimum of 2% while the employee will pay at least 3%. In April 2019, the minimum contribution rates for employers will increase again to 3%, with the worker paying 5%.