More saving as a result of automatic enrolmentOctober 26, 2016 // No Comments
New figures show that by 2020 over 10 million people are expected to be newly saving or saving more as a result of automatic enrolment. This means that an additional £17 billion a year is projected to be saved into workplace pensions by 2019/20.
Minister for Pensions, Richard Harrington has welcomed the news, calling it a fantastic achievement for both employees and employers:
I want to congratulate everyone who has already made automatic enrolment such a success. It is clear we are helping to create a culture of saving, giving people a much-needed boost to their pensions, and the important work on roll-out continues.
My mission is to ensure everyone has the opportunity to benefit from a workplace pension. For some people, this may be the first time they have saved in this way, and we must help them build a big enough savings pot so they can enjoy a comfortable retirement.
The figures also take into consideration that three quarters of the total working population are now estimated to meet the age and earnings criteria for automatic enrolment. Over 6.7 million people have already been automatically enrolled into a workplace pension by more than 250,000 employers.