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Auto-enrolment hits 8 million mark

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Auto-enrolment has passed the eight million mark, latest figures from The Pensions Regulator show.

After another 168,000 employees gained workplace pensions last month due to auto-enrolment, the total number to have been placed into saving now stands at 8,165,000.

Auto-enrolment began in 2012 with the largest companies staging first. 500,000 further employers are still set to complete the auto-enrolment process in the coming months.

The Government is currently engaged in a review of the scope of auto-enrolment, as well as how people are engaging with workplace pensions and what future contributions should be.

It has enlisted industry experts including Standard Life pensions strategy head Jamie Jenkins, The People’s Pension trustee director Ruston Smith and Pensions Policy Institute director Chris Curry  to chair advisory groups for the review.

New pensions and financial inclusion minister Guy Opperman says: “Reaching this eight million figure is a formidable achievement and represents a huge number of people on the path to a more financially secure retirement.

“But we cannot be complacent and as contribution rates rise we know there is more to be done. That’s why our automatic enrolment review, which will report back later this year, is so vital to the future of this life-changing policy.”

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