Social Development Minister Nelson McCausland has reminded local businesses that pension automatic enrolment is now underway.
Starting with the largest firms, employers are required by law to pay into a workplace pension for staff who do not opt out. By May 2015 it is estimated about 4.3 million people in the UK will say “I’m in” and will be saving for their old age. Automatic enrolment is being phased in and between now and 2018 employers here will come on stream.
Discussing the new auto enrolment system, the Minister said: “People are living longer and healthier lives than ever before and this makes it more important than ever that we all plan for our retirement. The introduction of automatic enrolment is one of the biggest changes to pensions in the UK in the last hundred years and will help people do just that.
“For many it will be the first time they have had the opportunity to be in a scheme to save for their retirement and their employer will be paying in as well. I want to encourage all employees who will be auto-enrolled into the new scheme to carefully consider the benefits of auto-enrolment and remain in the scheme.”