AE edges towards 10m; ‘urgent action’ needed for low paid and self-employed

The number of people who have been automatically enrolled into a pension scheme has increased to 9.96 million over November, according to The Pension Regulator’s latest figures.

In its declarations of compliance 2018 report published today, 11 December, the number of people auto-enrolled increased by 45,000 from September 2018, despite the number of employers declaring their stats increasing by over 36,000.

TPR added that some employers who have reached their staging date will not yet have completed their declaration, meaning that the number of people automatically enrolled is likely to be higher.

Despite this, the figures show that the amount of people who are not auto-enrolled has also increased, rising from 9.18 million to 9.24 million since September 2018.

Commenting on the compliance statistics, Royal London head of business development, Clare Moffat, said that “urgent action” needs to be taken.

“Today’s auto-enrolment compliance statistics show the number of employees auto-enrolled into a pension edging ever closer to the 10 million mark. This is great news but the stats also show there are a further 9.2 million workers within these companies who have not been enrolled into a pension.

“We need urgent action to bring groups such as the low paid, part time workers or the self-employed into auto-enrolment to ensure they are also given the opportunity to build a sustainable pension to see them through retirement.”

The number of people automatically re-enrolled was 591,000 at the end of November, a 14,000 increase on September 2018.

    Share Story:
Spotlight on pensions tracing: making huge strides in a changing world
Alex Mitchell, Head of Tracing & Data Solutions at Capita, meets Francesca Fabrizi, Editor in Chief of Pensions Age to discuss recent trends in the pensions tracing space

MAC strategies in focus
Francesca Fabrizi meets Craig Scordellis, Head of Long-Only Multi-Asset Credit at CQS, to discuss what MAC strategies can offer pension schemes today