The number of savers putting money into a workplace pension has hit 10 million according to figures published by The Pensions Regulator today.
The watchdog’s monthly declaration of compliance report for auto-enrolment confirms this historic milestone has been achieved.
Minimum contribution rates under automatic enrolment are due to rise from five to eight per cent in April, as part of the government’s plans to help people save even more.
TPR chief executive Lesley Titcomb (pictured above) says: “We have worked with employers of all sizes to ensure automatic enrolment is a success and we are delighted that 10 million people are newly saving or saving more towards their retirement.
“The vast majority of employers continue to support automatic enrolment. They’ve played a vital role in creating a savings culture by enrolling workers so that they can now expect a pension as part and parcel of their employment.”
Secretary of state for work and pensions Amber Rudd adds: “Automatic enrolment is an extraordinary success story. Thanks to this revolutionary reform, 10 million people can look forward to a more secure future and a better retirement.
“That is a remarkable achievement. Workplace pensions had fallen out of fashion and were seen as the preserve of older, wealthier people. Now saving is the norm across the UK, wherever you work.
“As we reflect on this milestone, we will of course be considering how we can reach even more people – with our ambition to bring in younger workers and enable everyone, particularly part-time and lower earners and the self-employed, to save more.”