Millions of people in the UK are not saving enough for retirement. The legislative changes set out in the Pensions Act 2008, the Pensions Act 2011 and the packages of associated regulations aim to increase private pension saving in the UK.
They form part of a wider pensions strategy designed to ensure that the UK has a pension system that enables individuals to save towards achieving the lifestyle they aspire to in retirement while minimising the burden on employers and industry.
This report shows analysis of opt out rates in large employers with automatic enrolment start dates falling between October 2012 and April 2013. Opt out is a key indicator of the impact of automatic enrolment on workplace pension participation.
This research is part of the DWP’s commitment to evaluate the effects of the workplace pension reforms.