The People’s Pension has reached the milestone of three million members with the enrolment of a worker from a construction company in Bristol.
The People’s Pension, the UK’s largest private sector master trust pension scheme and part of B&CE, started enrolling members in October 2012 and since that time, has helped more than 65,000 employers with their pension obligations.
It now manages almost £2.3bn in pension contributions.
Patrick Heath-Lay, chief executive of B&CE, said: “To reach the milestone of three million members in a little under six years is a fantastic achievement.
"Thanks to the hard work and dedication of all the team at The People’s Pension, we are proud to have contributed to the success of auto-enrolment and helped ensure that millions of workers are now saving towards their retirement."
Since the nation's auto-enrolment programme began in October 2012, more than 7.5 million people have been - enrolled into a workplace pension schemes, with the expressed intention of government to bring 10 million people in the UK into some form of pension saving by 2018.
The aims of auto-enrolment are simple: it obliges employers, irrespective of size or industry - both public and private - to provide a qualifying workplace pension to their staff, and to contribute to it. Not to do so by the staging date will result in fines.
To capture people at the lower end of the earnings scale, the minimum salary an individual must have in order to qualify is £10,000.
The Department for Work & Pensions (DWP) has estimated auto-enrolment will lead to £17bn more a year in workplace pension saving by 2019 to 2020.
stephanie.hawthorne@ft.com
