A groundbreaking pension scheme that will automatically enroll hundreds of thousands of employees in the UK, have come into effect from today.

The scheme will roll in as many as 10 million people and is being described as one of the biggest schemes ever. The scheme will only include employees in firms with more than 120,000 staff members initially. The scheme will thus include banks and super markets in the beginning.

Firms that have lower number of employees will have to join the scheme within the coming five years. Both the employer and the employees are required to pay into the pension scheme. According to estimates, the people will have to set aside over £2 a week to begin. The automatic enrollment is aimed at addressing the issue of old-age poverty crisis.

Joanne Segars, chief executive of the National Association of Pension Funds said, "The UK is drifting towards an iceberg when it comes to paying for its old age, and we need radical reform like this. Crucially, this reform will reach those who have no pension: the young, the low-paid and those working for small businesses."

The authorities had roped in TV stars such as Theo Paphitis and Nick Hewer to raise awareness of the scheme among the people.