600,000 more pension savers by Christmas

Around 600,000 more people will be saving into a workplace pension scheme by the end of 2012 and following the implementation of auto-enrolment legislation, according to figures by the Department for Work and Pensions (DWP).

It also estimated that, by May 2015, the number of people saving for retirement will be around 4.3 million.

Iain Duncan Smith, secretary of state for work and pensions, said: “Automatic enrolment will get up to nine million more people saving into a workplace pension. For many, it will be the first time they have had the opportunity to save.”