Pensions - Articles - Legal & General passes 850,000 automatic enrolments

 Legal & General had auto enrolled over 860,000 members into company pension schemes by the end of the first half on this year.

 The Pension Regulator (TPR) registration data for Automatic Enrolment (AE) numbers for the equivalent period are just over 3.8 million members giving Legal & General a 22% share of auto enrolments in the first half of 2014.

 Assets under administration (AUA) on the Legal & General WorkSave platform stood at £9.5bn (H1 2014), up 30% on 2013 (H1 - £7.3bn).

 John Pollock, Legal & General Assurance Society CEO said: “Our low cost AE solution continues to be well received by employers and employees alike.

 Our auto enrolments completed for the first half of the year give us a significant percentage of the TPR's registration data for numbers auto enrolled with over a fifth of total AE members to date.

 Our WorkSave platform is a flexible and robust operation capable of handling large scale and small scale alike, from the largest employers, with tens of thousands of employees, to smaller companies with only tens of eligible staff members.

 Importantly we consistently deliver our 0.5% price promise to all new AE default scheme members regardless of scheme size.

 We are currently preparing for SMEs staging this year and in the first part of 2015 – those with 50 to 250 eligible employees.”