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More workers saving through auto-enrolment

By Wesleyan

Millions of people are putting money away for the future, thanks to a flagship Government scheme.

New figures show that automatic enrolment, which was launched in 2012, is helping almost 5.2 million employees save for their retirement.

These workers, employers and the Government all make contributions to pension pots under the scheme.

It initially started with the largest businesses enrolling their staff, but now medium-sized companies are following suit.

Small and micro employers will pick up the baton and start enrolling members of staff from June this year.

Up to nine million people are expected to be newly saving or saving more by the time the roll-out is complete by 2018 - and Minister for Pensions Steve Webb has hailed the positive impact of the scheme.

He says it is benefiting the nation's workforce and describes it as a pensions system that is fit for the future.

Copyright Press Association 2015

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