New figures have been released by the Department for Work & Pensions (DWP), providing an update on employee participation in workplace pensions. Automatic enrolment into workplace pensions was introduced in October 2012, as a way of encouraging more people to save for their retirement. The date employers were required to start automatic enrolment at different workplaces depended on the size of the workforce, with smaller firms opting-in their staff at a later date than larger firms. The new DWP figures show that overall participation has reached a record high, now standing at 84% of all eligible employees. On this basis alone, automatic enrolment into workplace pensions might be considered a success.
Workplace pension participation
This 595 word blog post shares the latest Department of Work & Pensions figures around workplace pension participation, with a warning from insurer Aviva that many are not saving enough for retirement, and additional commentary from Royal London about the success of automatic enrolment to date. Written on 5th June 2018.