The DWP's advert to promote and explain the new workplace pension scheme

More from the BBC here, and ministerial quotes below...

Iain Duncan Smith, Secretary of State for Work and Pensions, said:

"This is a vital reform and I'm proud the Coalition has made it a reality. Automatic enrolment will get up to 9 million more people saving into a workplace pension and for many it will be the first time they have had the opportunity to save. It will allow people to start planning for their retirement and this will make it easier for them to start putting something aside, along with a contribution from their employer."

Steve Webb, Minister for Pensions, said:

"This October we can celebrate a major milestone - automatic enrolment is the biggest boost to pensions for over a century. By the time all employers are included, millions more people will be saving for their old age, with over half a million new savers in workplace pensions by Christmas.

Few policies affect as many people and this will be a truly radical social change. All the international evidence shows people respond positively to automatic enrolment, and I’m determined to make sure that pensions are no longer seen as the preserve of the few."

Comments

[Harry Hill]

Lots of action talk - couldn't be conference season, could it?

[Sandy Jamieson]

This scheme could drive many small businesses to the wall. Many small firms exist on small margins often employing four to five people. They do not have the resources or indeed the profitability to fund and manage any pensions scheme.

It is designed by civil services who have no experience or ideas in running a small business. All they are used to are their own gold plated inflation proof pensions. As it is small business will be funding two pension schemes: one in their taxes paying for gilt lined civil services pensions and the other albeit small for their own staff

The whole policy is contrary to the idea of cutting red tape. Earlier on we read on the site today about exciting ideas for start-up companies being exempt from certain employment regulations buy even if such changes are introduced, small business will have to meet the costs of this dinosaur.

[CDR]

"people respond positively to automatic enrolment". Depends what they're enrolled in, surely? anything that grabs their money before they see it isn't necessarily something to be positive about......like taxation via PAYE. The post about the difficulties for small businesses in this new scheme is enlightening.....how ARE they going to manage?

[Mulberry Outlet]

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