Interviewer: We've announced today that one million employers have met their duties. What does this mean for automatic enrolment?
Darren Ryder, Director of Automatic Enrolment: Well, it's fantastic news that over a million employers have done the right thing for their employees, and in turn it's actually resulted in over 9.5 million employees saving for their retirement now, which is fantastic news. A call out also goes out industry-wide, they've been a big part of making this success to date.
Interviewer: It's been a success so far, but what are the challenges ahead?
Darren: Well looking ahead, we've still got in April this year what we call 'phasing', so contributions are going up, and it's important employers undertake that, because that's about getting more money into savings for these individuals for their retirement. Of course, if they don't do it, they risk fines and we don't want to go down that path with them.
Interviewer: So, what should employers do?
Darren: Well, employers should look at our website, get to know what their responsibilities are, and make sure that they make those increases and pass them through to their employees.
Interviewer: One million have met their duties, does it end there?
Darren: No, it doesn't end there, we've still got a long way to go - obviously employers need to undertake their ongoing duties, so new workers coming on board, enrol them, pay contributions - so they've got that duty still to do. Also, new businesses - if you're a startup, it is part of the norm, you need to think about automatic enrolment, factor that into your plans, just like you would setting up a PAYE scheme, undertake the duties and then enrol your workers, and continue that year on year for your staff
Interviewer: And again, all the information is on our website?
Darren: It is, yes, I encourage people to go onto our website, it's very easy, a one minute stop and it gives them all the information they need to know.
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