The one millionth UK employer has now enrolled their staff into a workplace pension thanks to automatic enrolment, The Pensions Regulator has revealed. This means that over nine million employees are now saving for their retirement with the help of their employers.
The milestone means that there are now only 150,000 employers left who still need to enrol their staff in a workplace pension scheme, and that includes those businesses that have been created since the Government scheme launched. These remaining businesses have until June 2018 to comply with automatic enrolment regulations.
"With one million employers – from the small sandwich shop owner to the large supermarket chain – now enrolling their staff into a workplace pension, we are creating a nation of responsible employers who are reassuring their workforce that with their support, they will have a secure retirement," commented Guy Opperman, Minister for Pensions and Financial Inclusion.
He went on to say that "this would not have been possible without the hard work and continued support of employers across the UK. That is why we are committed to working closely with them to prepare for our recently announced proposals, which will ensure even more people, including 18 to 21 year olds, lower earners and multiple job holders, can benefit from a workplace pension in the future."
As workplace pensions become 'the new normal', according to the Government's press release, it is hoped that everyone will start to think about setting funds aside for retirement. Those who aren't currently eligible for automatic enrolment into a workplace pension – due to being part-time or self-employed, or simply not earning enough – still have other options.
You could set up a personal pension, or start saving into a lifetime ISA. The latter has the benefit of also being useable for a deposit for a first home, but will likely require investment in the stock market, which comes with certain risks. A top ISA or regular savings account could already be a great place to start. It's never too early to start saving for your post-work life.
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