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08/03/2018

One million firms comply with auto-enrolment

The number of employers that have complied with auto-enrolment passed one million for the first time in January 2018.

Data released by The Pensions Regulator showed the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018.

More than 600,000 employers complied with their duties in the last 12 months, although around 150,000 have until the June 2018 deadline to enrol their staff.

The first workers were automatically enrolled in October 2012, with staging dates bringing businesses and their employees into workplace pension schemes for the first time.

More than nine million workers aged 22 or over and earning more than £10,000 a year have benefitted from minimum employer contributions of 1% towards their workplace pension.

From April 2018, employers will need to contribute a minimum of 2% (up from 1%) while the employee will pay at least 3%.

In April 2019, the minimum contribution rates for employers will increase again to 3%, with the worker paying 5%.

For further information on Auto Enrolment, please contact James Alesbury on 023 8046 1222.

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