Automatic Enrolment hits 200,000 mark, but still 1,000,000 to go
Automatic Enrolment : This month, more than 60,000 letters will be sent out to employers to alert them to the fact that they have only a month to go before needing to act. There are still huge numbers of businesses yet to stage, and many more needing to review their existing schemes.
It was reported last week that Automatic Enrolment has hit the 200,000 employer landmark as it continues to roll out to small and micro employees.
More than 6.5 million workers are now saving for retirement after being automatically enrolled into a pension by their employer.
Minister for Pensions Richard Harrington, welcoming the latest figures, said, “Automatic enrolment is the cornerstone of our private pension reforms. Employers are crucial to the success of automatic enrolment and it’s fantastic that more people than ever before are now saving for a secure future.”
Charles Counsell, executive director for Automatic Enrolment, said “This is another important milestone which shows the successful roll out of automatic enrolment to hundreds of thousands of small and micro employers continues. However, we know there are challenges ahead as more than a million more employers complete their duties.”
Auto Enrolment can seem like a daunting task, but if you plan ahead, it really doesn’t have to be. The Pensions Regulator recommends a 6-9 month preparatory period.
For information on our upcoming Auto Enrolment seminars, please click here
IEP Financial Ltd are experts on workplace pension schemes and have a team of experts to cover this area of expertise. We will take care of the whole process for you. We will assess your company’s needs, look into all the available pension schemes on the market, and select a range for your consideration. Once you, the employer, have chosen the best one for your needs, we will set up and manage all of the ongoing administration. We also carry out one-on-one meetings with staff and group presentations as a standard part of our AE service. Have a look at our testimonials page for examples of employers that have used our AE guidance.
If you would like to set up a complimentary, no-obligation initial meeting with one of our automatic enrolment experts, then please give our Hove office a call on 01273 208813 or email us on [email protected]
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