So thanks to Auto Enrolment, more than 15 million people had signed up to a workplace pension by the end of 2015, and that is 10.6 million more than were enrolled at the start of 2012. This is according to the latest figures released by the Department for Work and Pensions and this is a staggering amount of people.
In plain language, this means that 75 per cent of eligible employees are now enrolled in a workplace pension.
Participation is up across all age and income groups, with the largest increases taking place in the private sector.
Employers need to make sure that their employees are aware of the value of this benefit, as well as the fact that it will be their responsibility to take the decisions to make the most of their pension when the time comes.
Employers can use this to offer incentives to their staff. Instead of an increase in salary, it can be more beneficial to offer to increase the amount of pension paid into the pot, since it will save them tax on the pension contribution.