One year on - Auto enrolment passes 1.6 million mark
One year since auto enrolment was introduced to businesses, the Department of Work and Pensions has announced that so far, over 1.6 million people have begun contributing to workplace pension schemes.
Pensions Minister Steve Webb commented on the announcement, saying “Over the last year we have instigated a quiet revolution that has heralded the biggest change to pensions in a century. Already over 1.6 million people have been automatically enrolled and the early signs are that this is an enormously successful scheme with 9 out of 10 workers choosing to stay in a pension.”
Starting in October last year, companies had to start automatically enrolling qualifying employees into a workplace pension scheme. This legislation is being rolled out to all businesses across the country over the coming months and years. When a company must begin complying on the legislation is determined by their staging date.
The Pensions Regulator and other industry experts are urging businesses to start preparing for auto enrolment 18 months before their staging date. If you still do not know you staging date, you can find it on The Pensions Regulator website.
Understanding any major legislative change like auto enrolment is a vital first step in ensuring you are prepared for it. To help you get ready, we are holding three hour training seminars across the country which will help you develop an understanding of auto enrolment and what your business needs to do to prepare. To find out more information or book your place, visit our training page.