One million employers meeting new pension duties to boost retirement saving
Tuesday 13 February 2018
The number of employers meeting their workplace pension duties has hit one million, new figures show.
The Pensions Regulator (TPR) has published latest statistics showing how many employers are compliant with automatic enrolment, leading to around 9.3 million people saving into a pension (PDF, 490kb, 12 pages).
TPR’s Director of Automatic Enrolment, Darren Ryder, said: “I am delighted we have reached this important landmark, which shows how far we have come since the start of automatic enrolment.
“By successfully meeting their responsibilities, employers have helped reverse the downward trend in workplace saving so that putting earnings into a pension has now become the norm.
“The continued support of the pensions industry, including pension and payroll providers and business advisers has been crucial to the success of automatic enrolment. The industry has helped us ensure employers have the tools, information and services they need to comply with the law.
“We are now focused on the challenges ahead so that employers continue to understand what they need to do so that staff receive the pensions they are entitled to.”
The roll out of automatic enrolment started in 2012 when employers were allocated a date by which their pension duties would come into effect, now called duty start dates, and there are around 300,000 employers more to go.
Today’s declaration of compliance figures from TPR follow last month’s publication of the government’s automatic enrolment review, which will give around 900,000 more people the opportunity to benefit from automatic enrolment.
- Since October, new start-ups have had immediate automatic enrolment responsibilities. Each month there will be around 16,000 new businesses that will need to put eligible staff into a pension scheme as soon as they are hired
- TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).
Ciara Bridge-Butler 01273 662018