The Pensions Regulator (TPR) updated their monthly auto-enrolment (AE) figures this month and so it is an opportune moment to keep our followers informed as to progress on this key issue.
The document (which can be read in full here) breaks down the AE data month by month. As of December 2015 some 78,789 employers had confirmed that they had met their staging duties. These employers were responsible for the workplace pensions of more than 21 million employees, with 5,809,000 employees automatically enrolled into schemes as a result of the new legislation. These are impressive stats, and it is therefore undeniable that auto-enrolment is making a significant difference to the landscape of UK pension savings.
Yet the above figures represent only the large- and medium-sized employers in the UK.
As we have talked about previously, a tsunami of smaller employers will soon reach their staging date. This year around half a million employers must comply with the new legislation – a figure that dwarfs those employers that have already complied over a much longer period of time. And, as we have already covered here, there has been a stark warning from the TPR to such organisations to take early action of risk a fine.
So it’s probably no exaggeration to suggest that 2016 will be a pivotal year in the progress of auto-enrolment and UK pension savings, and we would again encourage smaller employers to act quickly to ensure compliance with these new duties.
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