UK Money News
16th May 2008
Auto-enrolment extended into workplace saving schemes
Automatic enrolment in workplace saving schemes will be extended to insurance-based workplace pensions from 2012, secretary of state for work and pensions James Purnell announced today.
The news comes after plans to amend the Pensions Bill 2007 to allow automatic enrolment into Workplace Personal Pensions (WPPs), was found to be consistent with EU law.
The Bill already allows for automatic enrolment into trust-based pension schemes.
Commenting, secretary of state James Purnell said: "At present around £6.7 billion is saved into Workplace Personal Pensions annually by some three million employees, making it the second largest form of private sector pension membership in the UK.
"There are currently 4.7m people who work for a company with a Workplace Personal Pension and are not members. This announcement will extend the benefits of automatic enrolment to millions more people - giving them the means to save for their retirement for the first time."
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