UK pensions: Six million people have been auto-enrolled into a workplace pension since the rules were introduced in 2012

 
Hayley Kirton
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It's time to celebrate - six million more people are now saving into a workplace pension! (Source: Getty)

The Pensions Regulator had a reason to celebrate today, as it revealed that the number of people saving into a workplace scheme as a result of auto-enrolment has now passed the six million mark.

Since the scheme started being rolled out in 2012, more than 100,000 employers have enrolled staff.

"It is brilliant to see so many millions of people automatically enrolling into a workplace pension," said Baroness Ros Altmann, minister for pensions. "So far it has been those working for big firms, now the challenge is to make sure small employers set up pensions too, so their employees get to enjoy this major financial benefit.

"Our pensions reforms are starting a culture of saving which is making pension provision the norm across the UK."

However, as the staging date approaches for many of the UK's smallest employers, the Pensions Regulator has also warned those who are yet to enrol their staff to prepare in advance.

"We are finding a minority of small employers are leaving preparations too late," said Charles Counsell, director of automatic enrolment at The Pensions Regulator. "Don't get caught out – use our website to nominate a contact. This only takes around five minutes and means we can contact you with all you need to know to get ready."

Commenting on today's announcement, Graham Vidler, director of external affairs at the Pensions and Lifetime Savings Association, added: "It's easy to forget just how daunting a challenge getting six million more people saving for their retirement once seemed. This success has been driven from the very beginning by investment from many of our members, who have delivered solutions suitable for employers of all sizes."

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