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 on 11 January 2019, 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 2019).
However, the figures may be even higher in reality because there will be employers that have reached their staging date, who have automatically enrolled their eligible jobholders, but who have yet to complete their declaration.
Although the number of workers being automatically enrolled has increased again, the Financial Conduct Authority (FCA) highlighted concerns regarding inadequate retirement incomes.
The fact is, 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.
Investments can fall as well as rise, irrespective of the level of risk chosen, and the value of an investment and any income generated from it cannot be guaranteed and can fall as well as rise as a result of market volatility. You may not get back the amount you originally invested.
Please note that the Financial Conduct Authority (FCA) does not regulate some elements of Automatic Enrolment. Brunsdon is not responsible for the content of third party websites.