Spilling over: The winners from auto-enrolment

Private sector pensions providers, led by the UK’s big insurance companies, have won hundreds of thousands of new customers from the UK’s auto-enrolment reforms, according to Financial News research.

Many new savers have enrolled into the National Employment Savings Trust, the government’s public scheme, but about two-thirds have joined private schemes.
Two years on from the start of the government’s reforms, 4.7 million new savers have joined the pensions industry.

Pensions minister Steve Webb hailed the figures as a “huge success” during his address to the National Association of Pension Funds’ conference in Liverpool last week. The Pensions Regulator’s numbers lag those of some of the pension providers.