Automatic enrolment hits 200,000 employer landmark
Tuesday 9 August 2016
More than 200,000 employers have now completed their workplace pension duties as automatic enrolment continues to roll out to small and micro employers.
This month’s Declaration of Compliance report (PDF, 140kb, 8 pages) published today shows that by the end of July, more than 6.5 million workers had begun saving after being put into a pension by their employer.
Welcoming the latest figures Minister for Pensions Richard Harrington said:
"Automatic enrolment is the cornerstone of our private pension reforms. Over 200,000 employers have now enrolled 6.5 million workers in a workplace pension and it is clear that there is real momentum growing.
"Employers are crucial to the success of automatic enrolment and it’s fantastic that more people than ever before are now saving for a secure future."
The Pensions Regulator (TPR) is engaging with hundreds of thousands of small and micro employers to help them prepare for automatic enrolment.
More than three times as many small and micro employers (over 156,000) have now complied compared to all large and medium employers put together (over 44,000). More than 960,000 employees of small and micro employers have been enrolled.
Charles Counsell, Executive Director for Automatic Enrolment, said:
"This is another important milestone which shows the successful roll out of automatic enrolment to hundreds of thousands of small and micro employers continues. However, we know there are challenges ahead as more than a million more employers complete their duties.
"Employers should look out for envelopes from The Pensions Regulator arriving in their mail. In August, we are sending around 60,000 letters to employers alerting them to the fact that they have a month to go before they need to act."
All employers have legal duties and can use the Duties Checker on TPR’s website to quickly understand exactly what they need to do.
- 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).
Rebecca Sandles 01273 811870