09.08.13
Opt-out lower than predicted for workplace pensions
Far fewer employees are opting out of the Government’s auto-enrolment pension scheme than expected, early figures show.
Over one million people have been enrolled in the scheme since it was introduced last October, with fewer than one in ten choosing to leave. The Government had estimated around 30% would opt out.
However the scheme has only been introduced at around 1,000 of Britain’s largest companies, and will be rolled out to medium and smaller businesses between now and 2018.
When completely rolled out, the DWP estimates that up to nine million workers will be saving more for their pensions, or be part of a saving scheme for the first time.
Around 1.7 million workers are not eligible for the scheme because they are outside the age requirements, or don't earn enough.
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