Bevan & Buckland explain that the number of employers that have complied with auto-enrolment passed one million for the first time in January 2018.
Data released by The Pensions Regulator showed the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018.
More than 600,000 employers complied with their duties in the last 12 months, although around 150,000 have until the June 2018 deadline to enrol their staff.
Guy Opperman, minister for pensions and financial inclusion, said:
“With one million employers enrolling their staff into a workplace pension, we are creating a nation of responsible employers who are reassuring their workforce that with their support, they will have a secure retirement.
“Clearly this would not have been possible without the hard work and continued support of employers across the UK.”
The first workers were automatically enrolled in October 2012, with staging dates bringing businesses and their employees into workplace pension schemes for the first time.
More than nine million workers aged 22 or over and earning more than £10,000 a year have benefitted from minimum employer contributions of 1% towards their workplace pension.
From April 2018, employers will need to contribute a minimum of 2% (up from 1%) while the employee will pay at least 3%.
In April 2019, the minimum contribution rates for employers will increase again to 3%, with the worker paying 5%.
For more information on auto enrolment. Please contact our payroll team on 01792 410100 or via email firstname.lastname@example.org