All But Smallest Employers Now Offer Pensions

FUTURE PROOF: The majority of the UK workforce has now been auto-enroled into a workplace pension scheme, as 11,000 companies complete their legal obligations

Emma Wall 17 July, 2014 | 3:33PM
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Britons working in all but the smallest of companies are one step closer to pension freedom from today. Auto-enrolment has completed its busiest stage, with thousands of medium sized companies registering their employees into workplace pension schemes over the last couple of months.

Auto-enrolment began with the nation’s largest employers in October 2012, and around 10 million people will eventually be enrolled into schemes by 2018. Many forecasters expect the scheme to replace the State Pension for those aged 35 or younger. The Government-led scheme was created in order to plug the “pensions gap” – the void between what pensioners need to live in comfort and the funds they actually possess.

The Pensions Regulator’s automatic enrolment Commentary and Analysis Report 2013/14, published today, shows that 99% of companies that were legally required to provide their employers with a retirement savings scheme under auto-enrolment obligations did so.

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Emma Wall  is former Senior International Editor for Morningstar

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