This means that an additional £17 billion a year is projected to be saved into workplace pensions by 2019/20.
Minister for Pensions, Richard Harrington has welcomed the news, calling it a fantastic achievement for both employees and employers:
I want to congratulate everyone who has already made automatic enrolment such a success. It is clear we are helping to create a culture of saving, giving people a much-needed boost to their pensions, and the important work on roll-out continues.
My mission is to ensure everyone has the opportunity to benefit from a workplace pension. For some people, this may be the first time they have saved in this way, and we must help them build a big enough savings pot so they can enjoy a comfortable retirement.
The figures released today have been updated based upon the latest DWP modelling, analysis of the 2015 Annual Survey of Hours and Earnings and evidence from the Employers’ pension provision survey 2015
The figures also take into consideration that three quarters of the total working population are now estimated to meet the age and earnings criteria for automatic enrolment.
Over 6.7 million people have already been automatically enrolled into a workplace pension by more than 250,000 employers.
On Monday 17 October 2016 we are continuing to push out details of automatic enrolment to employees, aiming to change the country’s perceptions of pensions in the workplace.
For more information on automatic enrolment go to – www.workplacepensions.gov.uk
Last year’s publication estimated that the annual saving in a workplace pension was to increase by £15 billion as a result of automatic enrolment, based on 9 million workers newly saving or saving more.
Media enquiries for this press release – 0203 267 5144
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