Workplace retirement plans in the U.K. have added more than 3 million employees as a result of automatic enrollment required under new reforms, according to figures from The Pensions Regulator.
In October 2012, pension reforms mandated that all qualifying employees must be auto-enrolled into a workplace retirement plan or the Government's National Employment Savings Trust by 2018. Up to 1.3 million employers will have to auto-enroll up to 11 million workers by that date.
According to TPR's latest registration report, more than 10,000 employers have auto-enrolled workers.
“Before automatic enrollment, pension saving in this country was at its lowest ebb with too few people having the opportunity to save into a workplace pensions,” said Steve Webb, U.K. pensions minister, in a news release by the Department for Work and Pensions. “We have kicked off a savings revolution that will benefit millions in their retirement.”