Nearly two million workers have been automatically enrolled into workplace pensions over the past year, with fewer than 9% of people opting out – far below the estimated 30% which was anticipated when the scheme came into effect last year.

However, analysts have warned that the programme will be put to the test when it is extended to include smaller and less well-resourced firms. So far, the scheme only includes the biggest companies whilst employees in medium-sized companies will be auto-enrolled in April 2014 and smaller firms in June 2015.