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4 million on track towards a better retirement

August 14, 2014 11:47 AM
Originally published by UK Liberal Democrats

Four million people have now automatically enrolled in workplace pensions - an increase of over one million this year.

Liberal Democrats in government introduced automatic enrolment, which their boss and the government pay in to, in order to give people the confidence to save for retirement.

Automatic enrolment started in October 2012, requiring all businesses to enrol staff into a workplace pension and start paying contributions, beginning with the largest employers first.

The next stage of the automatic enrolment will see small firms begin to enrol their workers into workplace pensions, with all employees due to be included in the scheme by 2018.

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Liberal Democrat Pensions Minister Steve Webb said:

"This policy is helping to build a fairer society as millions of workers who didn't have the chance to save in a workplace pension before are now on track for a more comfortable retirement.

"And while people have the choice to opt out of workplace pension saving the overwhelming majority are staying in, ensuring a better future for themselves and helping reverse the saving slump in Britain."