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NEST reports 21.7% more employers, 12.5% increase in assets over past quarter

National Employment Savings Trust, London, reported assets of 1.8 billion ($2.3 billion) as of July 2, up 12.5% from 1.6 billion at the end of March, NEST said in a statement published Monday.

The number of participants in the workplace retirement plan set up by the U.K. government grew to 5 million from 4.5 million in the same period, NEST said in the release.

As of July 2, NEST had more than 398,000 employers participating, up 21.7% from 327,000 employers at the end of March.

NEST said that its opt-out rate is 8% on average and is lower for younger members. The figure is in line with the report at the end of March.

"This year has been the busiest to date for NEST, with more than 240,000 new employers and 1.5 million new members joining the scheme. Our volumes point toward the success of the government's auto-enrollment policy so far, with more people saving into a pension now than ever before; and NEST doing the job it was set up to do," Otto Thoresen, NEST chairman, said in a news release.