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More than two million workers have begun saving into a workplace pensions scheme, as a result of automatic enrolment, according to figures released earlier this week by The Pensions Regulator. In November, it was announced that the regulator would focus its attentions on the recruitment industry, due to the additional challenges faced by the sector.
Automatic enrolment began in October 2012 and is rolling out from the largest to the smallest employers across the UK. All employers, including charities and the public sector, will eventually need to assess their workforce and automatically enrol eligible workers into a pension scheme.
This month’s automatic enrolment registration report shows that more than 3,500 employers have now joined the workplace pensions revolution and submitted an online declaration of compliance with The Pensions Regulator.
Pensions Minister Steve Webb said: “It is great news two million people are making a positive difference to their retirement prospects through automatic enrolment. The changes to workplace pensions will help millions more people to achieve many happy new years in the future.”
“Over 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 those already in,” he concluded.