More than two million UK employees have started saving into a workplace pension scheme as a result of auto-enrolment, according to research by The Pensions Regulator (TPR).
Its Automatic-enrolment monthly registration report 2013, a rolling report with data starting from July 2012, found that 3,670 employers have confirmed to TPR that they have met their duties by registering during this period.
It also found that 2,205,000 eligible employees have been auto-enrolled during this period, while 6,598,000 employees were already active members of a qualifying pension scheme on their employer’s staging date.
Steve Webb (pictured), pensions minister, said: “It is great news that automatic-enrolment is beginning to make a positive difference to the retirement prospects of workers.
“The changes to workplace pensions being introduced now are set to help millions more people to achieve many happy new years in the future.
“More than 3,500 employers so far are helping us to create a fairer society by ensuring that pensions are no longer the preserve of the few.
“And the message to employers is: Make sure you’re ready for the date your workforce joins the two million already in.”
Charles Counsell, executive director of automatic-enrolment at The Pensions Regulator, added: “If they have not done it already, I would hope the first thing every employer does when they get back to work after the Christmas break is to check their staging date and prepare for automatic-enrolment.
“The clock is ticking and, if employers don’t plan ahead, they could face unnecessary challenges and costs in the New Year.
“It’s really important to arrange pension provision in plenty of time. We urge employers to have an agreement with a provider in place six months before staging. Don’t just assume the first provider you contact will be able to help you.”