Over half a million new pension savers by Christmas
The latest figures from the Department for Work & Pensions (DWP) show that over half a million people may be saving into a pension for the first time by Christmas, thanks to automatic enrolment.
From October 2012, starting with the largest companies, employers will be required by law to pay into a workplace pension for all eligible staff who do not opt out.
It is thought that by May 2015, another 4.3 million may be saving for their retirement.
Iain Duncan Smith, secretary of state for work and pensions, said:
“Automatic enrolment will get up to 9 million more people saving into a workplace pension and for many it will be the first time they have had an opportunity to save. It will allow people to start planning for their retirement and this will make it easier for them to start putting something aside, along with a contribution from their employer.”
Read more here.
Read more about automatic enrolment here.