The Pensions Regulator has announced that Pensions Auto Enrolment reaches a million employers. Statistics show that approximately 9.3 million people are saving into a pension.
TPR’s Director of Automatic Enrolment, Darren Ryder, said:
‘I am delighted we have reached this important landmark, which shows how far we have come since the start of automatic enrolment.
By successfully meeting their responsibilities, employers have helped reverse the downward trend in workplace saving so that putting earnings into a pension has now become the norm.
The continued support of the pensions industry has been crucial to the success of automatic enrolment. This includes pension and payroll providers and business advisersThe industry has helped us ensure employers have the tools, information and services they need to comply with the law.
We are now focused on the challenges ahead so that employers continue to understand what they need to do. This will ensure that staff receive the pensions they are entitled to.’
Minimum pension contributions are set to increase from 6 April 2018 and again in 2019.
|Period||Duration||Employer minimum (%)||Total minimum contribution (%)|
|1||Employer’s staging date to 5 April 2018||1||2|
|2||6 April 2018 to 5 April 2019||2||5|
|6 April 2019 onwards||3||8|
Contact us if you would like help with auto enrolment.