Workers say we are into pensions
In its first year, automatic enrolment has seen over 1.6 million people enrolled into a workplace pension.
Since October 2012, every business in the United Kingdom had to automatically enrol their employees into a workplace pension scheme. Today (10 October 2013) the Pensions Minister Steve Webb and businessman Theo Paphitis came together to celebrate the one-year anniversary.
Over the next 5 years up to 11 million people will have a chance to save for their retirement - many for the first time.
Speaking at a Greggs bakery, Minister for Pensions Steve Webb, said:
"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."
Research for the Department for Work and Pensions research of the 50 biggest employers showed just 9% chose to opt out indicating that more and more people are choosing to save for their retirement.
You can read the full press release here.
If you want to read more about automatic enrolment, you can visit our web page here.
If you have any questions about any aspect of pension saving, please contact us using one of the following methods.