More than seven million people have been auto-enrolled into a pension since the introduction of the policy, figures from The Pensions Regulator have revealed.

In its latest automatic enrolment declaration of compliance report, it reveals that more than 340,000 employers have completed their declaration. In 2017, the largest number of employers so far will see their workplace pensions duties start and by the end of the year, more than one million employers will have complied with the law.

Commenting on the news, Pensions Minister Richard Harrington said we have “made great strides forward” by automatically enrolling seven million people into a workplace pension. However, he added that the challenge is to make sure everyone can benefit from a financially secure retirement, including those working for the smallest employers.

“Next year more than 700,000 small employers will see their workplace pensions duties start and my message to them is clear: don’t be daunted, there is help and support out there. Setting up a pension scheme can seem complex, but The Pensions Regulator has a simple step by step guide available to help,” he stated.

Furthermore, TPR executive director of automatic enrolment Charles Counsell said: “Reaching this magnificent new landmark, and with compliance rates remaining high, is a great way to finish 2016. Over the next year the numbers of employers needing to act will rise again sharply. We have already written to them about what they have to do, and we encourage them to look out for letters from The Pensions Regulator and not to leave their preparations until too late.”

The DWP yesterday announced a review into auto-enrolment would take place next year, building on the success of the policy to date. “We look forward to working with government over the coming year as it considers how to ensure as many people as possible can benefit from automatic enrolment and saving for retirement,” Counsell said.

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