5 million signed up to Auto Enrolment pensions
5 million signed up to AE pensions
Nearly 5.2m people have been enrolled into a workplace pension scheme under auto-enrolment, figures from the Department for Work and Pensions show.
Auto-enrolment was launched in 2012, initially with only the largest businesses enrolling their staff into a workplace pension scheme.
By 2018, when the roll-out is complete, it is expected up to 9m will have begun saving.
Pensions minister Steve Webb said:
Over the past five years we have carried out root and branch reform to create a pensions system that is fit for the future. Millions more people are now putting something by for their retirement. People are living longer than ever and it is vital for their future prosperity that they save when they can.
Petaurum Solutions’ Comment
Complying with complex Auto Enrolment obligations can be a daunting prospect for many small and micro-sized business. Choosing a cost effective, long-term implementation solution is critical for these businesses to ensure they do not become swamped with the processing requirements and responsibilities that Auto Enrolment can bring. Therefore, for businesses considering their solution, focus should not only be on the pension scheme, but also on how it will be administered, methods to communicate, impacts on systems and data collection processes along with any HR and Legal changes may you need to make.
Our Defaqto 5* quality Carey Master Trust Pension Scheme, comes with best in class assessment and communication software and is part of our SME specific, competitively priced end-to-end solution that will take care of the above, leaving you free to manage your business safe in the knowledge that your Auto Enrolment obligations are in professional hands. Want to know more? Then feel free to download our info pack here, or contact us to secure your PAE future.
This information is intended as a general overview and discussion of the subjects dealt with. The information provided here was accurate as of the day it was posted; however, the law may have changed since that date. This information is not intended to be, and should not be used as, a substitute for taking legal, HR or benefits advice in any specific situation. Petaurum Solutions is not responsible for any actions taken or not taken on the basis of this information. Please refer to the full terms and conditions on our website.