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300,000 auto-enrolled into a pension since July

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More than 300,000 people have been automatically enrolled into a pension scheme since July last year, official figures from The Pensions Regulator show.

TPR analysis published today shows 84 employers, with over 2 million employees, had complied with their auto-enrolment duties by the end of March.

Some 308,000 people were auto-enrolled into a pension during the period, while 1.2 million were already pension scheme members.

A further 117,000 workers are members of defined benefit or ‘hybrid’ pension schemes which have been allowed to delay complying with the new rules until September 2017.

The remaining 493,000 employees were not automatically enrolled because they did not meet the earnings or age thresholds set out by the Government.

TPR executive director of automatic enrolment Charles Counsell says “As a direct result of automatic enrolment, hundreds of thousands more people across the UK are now saving into a workplace pension, joining the 1.2 million of their colleagues who were already in a qualifying scheme. Some of these will have been contractually enrolled by consent into a qualifying scheme prior to their employers’ staging dates.

“The regulator continues its work to provide the vast numbers of employers still to stage with the information they and their advisers need so they can comply with the legislation and help millions more workers save for retirement in the coming years.”

A TPR spokeswoman says the DWP will publish opt-out figures later this year.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. How many have remained enrolled?

  2. Good Point Sean. Note to MM. Why not try getting the number who have since opted out since being auto enrolled up to the same date. If need be get via a FOI regquest. I hate all the spin these people put on their figures without a balanced view of the other side of the coin. Alos would be interested to see how many of the 300,000 are in NEST and how many in non-NEST.

  3. PS I have often meanto to ask this question “Why did we/do we have a Pensions Regulator?” Why is this stuff not covered under the FSA/FCA? Does anyone know the correct answer. I would be interested to know. Thanks

  4. @ Marty yes it would be interesting to see that figure, and to see if it is in line with the DWP survey results where 70% said they’d probably stay in if auto enrolled. As these were larger companies I’d guess NEST hasn’t had much penetration yet

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