Three millionth person automatically enrolled
The Pensions Regulator has announced that more than three million people have now been automatically enrolled into a workplace pension scheme.
The three millionth worker is employed by West Ham United, whose vice chairman Karren Brady has backed the roll-out of automatic enrolment.
Automatic enrolment began in October 2012, with the biggest employers having to automatically enrol their eligible workers into workplace pension schemes. Even the smallest firms and new employers will have to do this by 2018. 10,000 employers of all types, from charities to supermarkets, hospitals to football clubs, have now automatically enrolled their workers.
More and more employers will become involved as automatic enrolment reaches medium-sized and then small employers. Eventually, up to 1.3 million employers will have automatically enrolled up to 11 million workers.
Being a member of a workplace pension scheme is a very good way to save for your retirement. If you have been automatically enrolled, your employer will also have to pay into your pension pot, and you get a contribution from the government in the form of tax relief. And the earlier you start paying in, the longer your pension pot has to grow.
If you would like to know more about automatic enrolment, our website has a clear explanation here.
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