Auto Enrolment Hits New Landmark as 2017 Approaches
2017 will see the largest number of businesses staging for automatic enrolment since the Workplace Pension Reforms started in 2012.
According to The Pension Regulator’s Automatic Enrolment Declaration of Compliance Report for December, more than seven million people in the UK are now saving for their retirement through auto enrolment. These employees have been enrolled via more than 340,000 auto enrolment-compliant businesses.
Regarding these record figures, the UK’s Pensions Minister, Richard Harrington said:
"We have made great strides forward by automatically enrolling seven million people into a workplace pension – now the challenge is to make sure that everyone can benefit from a financially secure retirement, including those working for the smallest employers.
"Next year more than 700,000 small employers will see their workplace pensions duties start and my message to them is clear: don’t be daunted, there is help and support out there. Setting up a pension scheme can seem complex, but The Pensions Regulator has a simple step by step guide available to help."
Charles Counsell, TPR's Executive Director of Automatic Enrolment said:
"Reaching this magnificent new landmark, and with compliance rates remaining high, is a great way to finish 2016.
"Over the next year the numbers of employers needing to act will rise again sharply.
We have already written to them about what they have to do, and we encourage them to look out for letters from The Pensions Regulator and not to leave their preparations until too late."
The Department for Work and Pensions (DWP) yesterday announced a review into AE would take place next year, building on the success of the policy to date. Responding to the announcement Mr Counsell said:
"We look forward to working with Government over the coming year as it considers how to ensure as many people as possible can benefit from automatic enrolment and saving for retirement."
Preparing for Auto Enrolment in 2017
Next year, over 700,000 businesses will reach their staging date for auto enrolment, the most since the reforms started in 2012. If your business is one of them, you need to get prepared as soon as possible.
Speak to us today about the industry’s most comprehensive auto enrolment solution, the IRIS AE Suite™. Developed through close relationships with pensions providers and The Pensions Regulator as well as customer feedback.
You can book a completely free, no obligation demo to see for yourself how the IRIS AE Suite™ will not only keep you compliant with auto enrolment but also streamline your entire payroll process.