More than six million workers have now started saving into a workplace pension as a result of automatic enrolment.
Figures from the Pensions Regulator has revealed the six million milestone was reached in February, with a total of 6,091,000 people recorded as being in the scheme across the UK.The figures are taken from compliance forms completed by employers. The regulator also said that, so far, more than 100,000 employers have automatically enrolled staff into a workplace pension.
The scheme started in 2012 with the biggest employers, which tend to have more experience of pensions. It is now being rolled out to thousands of small employers, many of whom may just employ one or two people, such as nurseries, hairdressers, farmers, car dealerships and those employing a nanny or a carer.
Automatic enrolment was introduced to head off fears of a looming old age savings crisis, with concerns that people are living for longer but are not putting aside enough cash for their later years.
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