It has been reported that NEST has now enrolled more than 2 million members in the last two and a half years and has a new member joining every 40 seconds.
The recently appointed Trustee chair at NEST, Otto Thoresen said “This is a major milestone for NEST but this is only part of a longer journey. This year 45,000 small and micro employers will need to automatically enrol their staff into a qualifying workplace pension, and that rises to over half a million employers in 2016.
“NEST’s public service obligation means that we need to be ready for however many employers choose us. We’re working hard to ensure our systems are ready for ever increasing volumes.”
Steve Webb, Pensions Minister, said: “Automatic enrolment has seen over 5m people enrolled into a pension for the first time or saving more for their retirement and is reshaping the British pensions culture after decades of downturn in retirement saving.
“In just under a year, NEST has added an extra million members – this is a significant achievement and its role will be important as millions more working for smaller employers are automatically enrolled.”
Vijaya Deepti, the vice-president of TCS Financial Solutions (NEST”s scheme administrator), commented, “Developing the systems and processes to enrol 48,000 employees in a single week has been extremely rewarding.”