Pensions Minister at Upton Park as workplace pension reaches 3million landmark
PUBLISHED: 15:54 17 March 2014 | UPDATED: 16:05 17 March 2014
Government minister Steve Webb visited Upton Park to mark the three millionth worker who has signed up to the workplace pension scheme as a result of automatic enrolment.
Figures released by The Pensions Regulator have revealed that the three millionth worker is employed by West Ham United, whose Vice Chairman Karren Brady backed the roll out of the new workplace pension scheme.
Karren Brady, Vice Chairman of West Ham United FC Ltd, said: “West Ham United is pleased to be supporting the auto enrolment scheme. It is becoming increasingly important for people to plan for their future at an earlier age. The scheme should help to make a real difference to the retirement prospects of some of the unsung stars at our club.”
Pensions Minister, Steve Webb, who visited the Boleyn ground on Wednesday, aid: “Before automatic enrolment, pension saving in this country was at its lowest ebb with too few people having the opportunity to save into a workplace pension. We have restored fairness by ensuring pensions are no longer the preserve of the few.
“We have kicked off a savings revolution that will benefit millions in their retirement.”
The first workers were automatically enrolled into pension schemes in 2012 starting with the largest employers and the duties will extend to the smallest firms and new employers by 2018. The policy was introduced to address chronic under-saving with millions not putting aside enough for retirement, and only one in three private sector employees paying into a workplace pension.
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.