The number of people who have been automatically enrolled into a pension scheme has increased to 9.985 million over December, according to The Pension Regulator’s (TPR) latest figures.
In its declarations of compliance 2018 report published today, 11 January, the number of people auto-enrolled increased by 27,000 from November 2018, while the number of employers declaring their stats increased by over 13,000.
At the current rate of increase, the number of jobholders auto-enrolled into a pension scheme will reach the 10 million mark this month (January 2018).
TPR’s study explained that the figures may he higher in reality. It stated: “While the information is the actual data received by us, there will be employers that have reached their staging date, who have automatically enrolled their eligible jobholders and who have not yet completed their declaration.
“The figure for eligible jobholders that have been automatically enrolled is therefore likely to be higher than that shown in this report.”
The report also revealed that the number of workers not auto-enrolled in a scheme increased by 23,000 over December, to 9.265 million.
Although the number of workers being automatically enrolled has increased again, the Financial Conduct Authority (FCA) highlighted concerns regarding inadequate retirement incomes yesterday.
Commenting on the FCA’s worries, Hargraves Lansdown head of policy, Tom McPhail, said: “For all the recent successes of auto-enrolment and pension freedom, investors still face significant risks in saving for retirement. Average contribution rates have fallen and many millions of people either aren’t saving enough, or simply aren’t saving at all.”