FOR IMMEDIATE RELEASE 18 December 2018
Commenting on the Automatic Enrolment evaluation report published today by the DWP, Adrian Boulding Director of Policy at NOW: Pensions said: “Today’s report confirms that auto enrolment is continuing to deliver on its promise of getting millions more people into the savings habit with nearly 10 million people auto enrolled.
“It’s important to remember that in 2012 just 55% of eligible employees were saving into a workplace pension, in 2017 this number had risen to 84% – a staggering turnaround.
“The report offers reassuring news that the increase in auto enrolment minimum contributions in April went off without a hitch with no uptick in people choosing to stop saving which is very encouraging.
“But, there’s no room for complacency and the challenge now is to make sure as many people as possible benefit from auto enrolment and the amounts they are saving are meaningful. That’s why it’s essential the government stick to its commitment to extend auto enrolment to 18-year olds and remove the lower earnings band which is so damaging to savers’ pension pots.”
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Notes to editors
NOW: Pensions www.nowpensions.com @nowpensions
NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A company wholly owned by Danish pension scheme ATP; one of Europe’s largest pension funds. NOW: Pensions entered the UK market in 2011 with a simple and cost- effective workplace pension designed specifically with the auto enrolment market in mind.