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MP welcomes pensions reform


24th February 2018

More people than ever are now saving for a pension as a result of reforms meaning workers are automatically enrolled into a pension scheme.

And the changes mean that in West Worcestershire, 8,000 extra workers are able to benefit from a pension scheme and an additional 1,850 employers now offer a workplace pension.

The changes, which were brought in by the Department for Work and Pensions in 2012, were welcomed by MP Harriett Baldwin. Since its introduction, more than 9 million are now enrolled onto a workplace pension and participation in the public and private sectors has increased from a low of 55 per cent in 2012 to 78 per cent in 2016.

Auto-enrolment was introduced so that more workers can save for retirement. The people benefitting the most from automatic enrolment are young people, women and those people who earn the least in the workplace. In 2012, the overall participation of female employees in workplace pensions was 58 per cent but this has now increased to 80 per cent.

Harriett commented: “Auto-enrolment is good news for everyone but it is especially good news for young people who wouldn’t normally begin to save just yet and women who are now making a proper provision for a life after work.

“For a whole generation, workplace pension saving is now the new normal, but there’s more to do to help more people than ever before build an enjoyable and secure retirement.

“As someone who worked in the pensions industry before becoming an MP, I am delighted to see more and more people planning properly for a life after work. Auto-enrolment transformed the way people save for retirement meaning more families can plan for the long-term with the security of a pension.”



Harriett says...

Harriett Baldwin
 
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