The workplace pension has proved more popular than the government imagined, according to statistics revealed today by the Pensions Regulator (TPR).
More than 8m people have signed up for a workplace pension since auto-enrolment was launched in 2012. With hundreds of thousands more employees set to enrol in the coming months, the total number will ultimately beat the expectation of 8m people in total set out five years ago.
Writing for City A.M., pensions minister Guy Opperman said:
This ambitious agenda of helping workers save for retirement would not have been possible without the support of business.
According to today's figures, 168,000 people signed up for a pension during June, equivalent to almost one person every 15 seconds. Some 44,328 more UK employers declared that they had completed their workplace pension responsibilities, meaning a total of 642,454 have now done so.
TPR director of automatic enrolment Darren Ryder highlighted the scale of the work yet to be done.
He said: “There are more than 500,000 more employers whose duties are still to begin over the coming months.
I would urge each and every one of them to check today that they know what they need to do and when they need to do it so they can seek our help if they need it.