More than three million workers have now started saving into a workplace pension scheme as a result of automatic enrolment.
Over 3 million workers have begun saving into a workplace pension scheme as a result of automatic enrolment, according to figures from The Pensions Regulator .
The 3 millionth worker is employed by West Ham United, whose Vice Chairman Karren Brady backed the roll out of the new workplace pension scheme.
This month’s automatic enrolment registration report shows that more than 10,000 employers of all types from charities to supermarkets, hospitals to football clubs have now automatically enrolled their workers.
July 2012 – end February 2014
1. Employers that confirmed to the regulator they have met their duties by registering during the period 2. Total workers of the registered employers in 1 above, comprising:
10,503
15,274,000
i) eligible jobholders automatically enrolled into an automatic enrolment pension scheme ii) workers who are already active members of a qualifying scheme on the staging date iii) eligible jobholders who have had the defined benefit or hybrid scheme transitional arrangements applied to them
3,210,000
7,782,000
414,000
iv) workers who do not fall into the above categories
3,868,000
These figures were released in The Pension Regulator’s monthly registration report, which can be viewed in full here .
Automatic enrolment earnings thresholds 2014/15
18 March 2014
The automatic enrolment thresholds have now completed the Parliamentary process and will come into effect from 6 April 2014.
The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2014 confirms the annual thresholds and rounded figures by pay reference period as shown in the tables below.
2014-2015
Annual threshold
Lower level of qualifying earnings
£5,772
Earnings trigger for automatic enrolment
£10,000
Upper level of qualifying earnings
£41,865
Values by pay reference period
1 week
4 weeks
1 month
1 quarter
Bi- annual
2014-2015
Fortnight
Lower level of qualifying earnings £111 £222
£444
£481
£1,443 £2,886
Earnings trigger for automatic enrolment
£192 £384
£768
£833
£2,499 £4,998
CIPP Policy News Journal
16/04/2014, Page 410 of 519
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